It sounds like a simple merger deal, but it's got all the ingredients of a Hollywood drama: a rich and powerful suitor, political intrigue, and plenty of cliff-hangers.

Netflix's deal to buy Warner Brothers Discovery's storied movie studio and popular HBO streaming networks, is a real-life tale of a conquering giant.

But with regulators and rivals still waiting in the wings, it's probably just the start of the saga.

As the story unfolds, here are five key things to look out for.

Netflix has been pulling ahead in Hollywood for years now, ranking as the world's biggest streaming subscription service and largest producer of new content in California.

But this deal - the biggest in the industry for years - would confirm its position at the head of the pack, handing the company a catalogue with nearly a century's worth of titles and beefing up its already formidable production capacity.

That's not to mention its sheer subscriber might, as Netflix prepares to add some of HBO's 128 million subscribers to its already more than 300 million-strong base.

"Netflix is already the biggest streaming service and now you add HBO Max to that and it becomes arguably untouchable," said Mike Proulx, vice president at research firm Forrester.

The deal will unite beloved historic franchises like Looney Tunes, Harry Potter and Friends and HBO hits like Succession, Sex and the City and Game of Thrones under the same roof as Netflix's less conventional output, including Stranger Things and KPop Demon Hunters.

The purchase also includes TNT Sports outside the........

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