After a heated bidding war, Netflix on Friday morning announced it will acquire Warner Bros. in a $72-billion deal poised to overhaul the entertainment industry.

The fight in Hollywood to buy Warner Bros Discovery is shaping up to be a blockbuster.

In an interview on CNBC, Mr Ellison also talked up the benefits of his plan for the media industry, arguing that Netflix's takeover of Warner Brothers Discovery would give one firm too much power over...