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.

1. Netflix is becoming even more powerful

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 US.

2. It could mean prices go up.... or down

Netflix said it hopes to complete the deal in the next year to 18 months.

But executives are coy about how - or whether - they plan to incorporate Warner Brothers and its flagship HBO brand into the existing Netflix service.

Netflix's co-chief executive Greg Peters said the HBO name was very powerful and would give the firm a lot of options, but would not elaborate further.

Netflix could package up films and programmes into different bundles, although analysts say they would be surprised to see the HBO brand disappear altogether.

The impact on prices is also unclear. Netflix's dominance could allow it to charge customers more. But if viewers find they are paying for one streaming service rather than two, it could cost them less.

3. Streaming is the future and Hollywood feels cast aside

Warner Bros is one of the studios that defined Hollywood, creating classics such as Casablanca, Gone with the Wind, and The Exorcist.

But this takeover is an illustration of how cinema's golden age has faded.

The trajectory is clear, Forrester's Mr Proulx said, the future is all-streaming.

With this deal, it is official: legacy media is ending.

Netflix has promised to keep releasing films in cinemas. However, earlier this year, Netflix's co-chief executive officer Ted Sarandos suggested that movie-going was an outdated concept.

4. The deal is not yet done

Completion of the deal is far from certain.

Warner Brothers Discovery has to complete the spin-off of the parts of its business that it is not selling to Netflix, including CNN, Discovery, and Eurosport.

Meanwhile, rival suitor Paramount Skydance, which had hoped to buy the entire Warner Brothers Discovery business, may yet try to convince shareholders it can offer a better alternative.

The biggest question however, is whether the deal will get approval from competition regulators in the US and Europe - something that could pose a major challenge.

5. Donald Trump is another wild card

Looming over the debate is whether President Donald Trump will weigh in.

This administration has promised a lighter regulatory touch when it comes to mergers.

But the president has spoken highly of Paramount Skydance's owners, creating potential complications for Netflix's acquisition plans.