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.

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. It 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.

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.

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.

This takeover illustrates how cinema's golden age has faded.

The trajectory is clear, Proulx said, the future is all-streaming.

Netflix has promised to keep releasing films in cinemas, a sensible choice as it will be acquiring the DC superhero franchise, films that do very well in movie theatres.

4. The deal is not yet done

Completion of the deal is far from certain. Warner Brothers Discovery must complete the spin-off of parts of its business not being sold to Netflix, including CNN, Discovery and Eurosport.

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

5. Donald Trump is another wild card

Looming over the debate is whether President Donald Trump will weigh in. The administration has promised a lighter regulatory touch concerning mergers, albeit Trump has shown a keen interest in the media and entertainment industry.

As Netflix navigates this high-stakes merger, it faces numerous challenges that could shape the future of streaming and Hollywood alike.