In a transaction that promises to fundamentally reshape Hollywood, Netflix has won the bidding war for the core studio and streaming assets of Warner Bros. Discovery (WBD), including the prestigious HBO and HBO Max divisions. The landmark deal is expected to close in the third quarter of 2026, pending regulatory approval and WBD’s planned separation of its cable networks.
This is more than just a merger; it’s a historic transfer of cinematic heritage and modern prestige from one of the industry’s oldest studios to the world’s leading streaming giant. The acquisition instantly gives Netflix control over some of the most valuable intellectual property in entertainment, transforming the company from a streaming innovator with original hits into a comprehensive studio powerhouse with a century of content history.
The Crown Jewels: Franchises That Now Belong to Netflix
When the deal closes, Netflix won’t just absorb a new subscriber base; it will absorb entire universes of beloved franchises. The “Streaming & Studios” segment of WBD, which Netflix is acquiring, contains the majority of the company’s most coveted film and television properties.
Superheroes and Fantasy Worlds
The biggest headline is the transfer of control over the DC Universe. This means that characters like Batman, Superman, and Wonder Woman, and all associated live-action and animated properties, including DC Studios, will fall under Netflix’s banner. This single move places the Caped Crusader and the entire Justice League under the same corporate roof as Stranger Things and Squid Game.
Equally monumental is the acquisition of the rights to two of the greatest fantasy sagas ever told:
- The entire Wizarding World of Harry Potter and Fantastic Beasts.
- The Middle-earth film rights for The Lord of the Rings and The Hobbit (via New Line Cinema).
The prestige television powerhouse, HBO, brings its critically acclaimed, culture-defining sagas: Game of Thrones and its prequel House of the Dragon.
Key Intellectual Property (IP) Acquired
The vast library moving to Netflix includes:
- DC Universe (Batman, Superman, Wonder Woman, etc.)
- Wizarding World (Harry Potter, Fantastic Beasts)
- Game of Thrones / House of the Dragon
- The Big Bang Theory
- Friends
- Looney Tunes (Bugs Bunny, Daffy Duck, etc.)
- Dune (film rights)
- The Wizard of Oz (classic 1939 film and associated rights)
- The Sopranos
- The Wire
- Succession
- The Last of Us
- The White Lotus
- The Matrix franchise
- MonsterVerse (Godzilla, King Kong films)
- The Conjuring Universe (Annabelle, The Nun, etc.)
- Mortal Kombat (film rights)
- Hanna-Barbera classics (The Flintstones, Yogi Bear, Scooby-Doo, Tom and Jerry)
- Adult Swim properties (Rick and Morty, Robot Chicken, etc.)
- Casablanca and Citizen Kane (distribution rights)
Studios and Gaming Under a New Banner
The deal is specifically for the studios and streaming assets, meaning Netflix will acquire major production houses that produce this content:
- Warner Bros. Television
- Warner Bros. Motion Picture Group
- DC Studios (including all associated DC Comics properties)
- HBO and HBO Max streaming operations
- New Line Cinema (a film production label)
- Castle Rock Entertainment (a film and TV production company)
Crucially, the acquisition is expected to include the Warner Bros. Games division. This would give Netflix, which has been steadily building its mobile gaming presence, control over powerhouse development studios like:
- NetherRealm Studios (Mortal Kombat).
- Rocksteady Studios (Batman: Arkham series).
- Avalanche Software (Hogwarts Legacy).
- TT Games (Lego video game series).
This integration would create unprecedented synergy between massive film/TV IP and high-end video game development, all within a single company.
The New Shape of Hollywood
For consumers, the immediate impact will likely be the consolidation of the HBO Max library into the Netflix service, offering an unparalleled wealth of content. For the industry, the implications are vast. Netflix has historically been streaming-first, while WBD was a staunch defender of the theatrical experience. While Netflix has stated it will honor current theatrical commitments, the long-term balance between theatrical releases and streaming exclusivity will be the major battleground, with many industry figures expressing antitrust concerns over the consolidation of power. This acquisition is not just a major move; it’s a seismic event that guarantees a new era in the global entertainment business.
