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 closing of the $72 billion deal plus debt, the streaming leader will take over 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.
Division of WBD 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 production (including HBO Max). The second segment – Discovery Global – will encompass cable channels, including CNN. The acquisition process will formally commence only after the split.
Not long ago, Paramount seemed to be the favourite. However, Netflix made two aggressive offers at the last minute, also accepting a high fee for potential contract termination. This tipped the scales. Regulators – especially in the USA – may, however, pose significant hurdles to the transaction. Politicians are already suggesting that Netflix's acquisition of such a large competitor may be the biggest antitrust challenge in recent years.
Are DC brands coming to Netflix? We check
Yes – according to the terms of the transaction, all film and television assets of Warner Bros. are moving 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 developed 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 – once the transaction is closed – will be produced under Netflix.
The platform can integrate DC with its own premiere model and global reach.
This is one of the largest acquisitions of a superhero brand in history.
Hollywood reacts with concern
The film industry fears that the takeover could restrict film releases, although Netflix declares its intention to maintain Warner Bros' cinema operations. At the same time, analysts point out that the merger of Netflix and HBO would, in effect, create a dominant player, outpacing all rivals by light years.
