Close your eyes, think for a minute, and tell me: What is a Netflix Movie? OK, try again: What is a Netflix Show?

Sure, it’s easy to rattle off some killer titles—KPop Demon Hunters, Stranger Things—but Netflix has never really had a brand identity. It’s not, like Disney, the home of Star Wars and Mickey Mouse. As streaming services go, it’s made its name by being a jack of all trades and a master of none. Now, it’s made its smartest move yet, dropping $83 billion to buy itself a whole new personality.

On Friday, the streaming giant announced it will be acquiring Warner Bros. in a deal that gives Netflix the studio’s film and television operations as well as HBO and HBO Max. For those who can’t keep up with who owns what these days—no one can—that means that once the deal closes, Netflix will own everything from Batman to The Big Bang Theory, The Wizard of Oz to Westeros. Also, Lord of the Rings, Harry Potter, and prestige TV shows like The Sopranos.

The deal, which is expected to close next fall after Warner Bros. Discovery spins off its cable business (CNN, HGTV, Discovery, and others), surprised the hell out of Hollywood when Netflix announced it Friday morning. Warner Bros. Discovery’s future had been hanging in the balance for weeks, with a series of potential buyers putting in offers. NBCUniversal parent company Comcast made a bid. So did Paramount Skydance, which worried some given that the merger of Paramount and Skydance, headed up by Oracle founder Larry Ellison’s son David Ellison, became a political football involving everything from