Katarzyna Petru
Netflix 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 transaction worth $72 billion plus debt to be finalized, the streaming leader will take over one of the most recognizable 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 Division and Acquisition of "Half of Warner"
Warner Bros. Discovery plans to split into two companies in 2026. Netflix will acquire the segment responsible for film, television, and streaming productions (including HBO Max). The second segment – Discovery Global – will include cable channels, including CNN. The acquisition process will formally begin only after the split.
Not long ago, Paramount seemed to be the favorite. 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 U.S. – may, however, impose serious obstacles to the transaction. Politicians are already suggesting that Netflix's acquisition of 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 being transferred to Netflix, which includes:
DC Studios (the DC Films / DC Universe brand)
rights to produce and distribute DC films
current and future projects overseen by James Gunn and Peter Safran
film library (Batman, Joker, Wonder Woman, Aquaman, Man of Steel, etc.)
series being produced for Max / HBO
The only exceptions will be those titles for which there are old, external licensing agreements (e.g., with Universal or Sony) – but that 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 produced 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 film world fears that the acquisition may limit film releases, although Netflix declares it will maintain Warner Bros.' theatrical operations. At the same time, analysts note that the merger of Netflix and HBO would effectively create a dominant player, outpacing all competitors by light-years.
