Katarzyna Petru
Netflix has announced the acquisition of Warner Bros. and HBO – a move that could completely change the balance of power in the global entertainment industry. If regulations allow the completion of the $72 billion deal plus debt, the streaming leader will acquire one of the most recognisable film studios and the iconic HBO brand.
This is a merger that could definitively end the "streaming wars" and create the largest player in the history of VOD platforms.
WBD Split and the Acquisition of "Half of Warner"
Warner Bros. Discovery plans to split into two companies in 2026. Netflix will take over the segment responsible for film, series, and streaming productions (including HBO Max). The second segment – Discovery Global – will include cable channels, such as CNN. The acquisition process will only formally begin after the split.
Not long ago, Paramount seemed to be the favourite. However, Netflix made two aggressive last-minute offers, also accepting a high fee for a potential contract termination. This tipped the scales. Regulators – especially in the U.S. – may pose serious obstacles to the transaction. Politicians are already suggesting that Netflix acquiring such a large competitor could be the biggest antitrust challenge in recent years.
Are DC brands coming to Netflix? We check
Yes – according to the structure of the transaction, all film and series assets of Warner Bros. are going to Netflix, which includes:
DC Studios (the DC Films / DC Universe brand)
the rights to produce and distribute DC films
current and future projects overseen by James Gunn and Peter Safran
a library of films (Batman, Joker, Wonder Woman, Aquaman, Man of Steel etc.)
series being created for Max / HBO
The only exceptions will be those titles that have old, external licensing agreements (e.g., with Universal or Sony) – but this is a matter of time.
In practice, this means that:
Netflix is becoming the new home for the DC Universe, both in production and distribution.
New DC films and series – already after the transaction closes – will be developed under Netflix.
The platform can integrate DC with its own release model and global reach.
This is one of the largest acquisitions of a superhero brand in history.
Hollywood reacts with concern
The cinema world fears that the acquisition could limit film premieres, although Netflix claims it will maintain Warner Bros' cinema operations. At the same time, analysts note that a merger of Netflix and HBO would effectively create a dominant player, outpacing all rivals by light years.
