In a seismic shift for the entertainment industry, Netflix has announced it will acquire Warner Bros.—including its film and television studios, HBO, and HBO Max—in a deal valued at $82.7 billion. The acquisition, set to close in Q3 2026, represents one of the largest media mergers in history and fundamentally reshapes the streaming landscape.
What Netflix Is Getting
The deal brings an extraordinary library of content under Netflix’s roof, including:
Major Film & TV Franchises:
- Harry Potter and Fantastic Beasts
- DC Universe (Superman, Batman, Wonder Woman, and the entire roster)
- Game of Thrones and House of the Dragon
- The Lord of the Rings (film rights, excluding the TV series)
- Dune and the MonsterVerse (Godzilla, King Kong)
- The Conjuring Universe
- Looney Tunes and Scooby-Doo
Iconic Television Series:
- The Sopranos, The Wire, Veep
- Friends, The Big Bang Theory
- The White Lotus, Succession
- Eastbound & Down, Ballers, Winning Time
Studios & Platforms:
- Warner Bros. Pictures and Television Studios
- HBO Max (to be integrated with Netflix)
- DC Studios
Netflix will also gain access to Warner Bros.’ extensive classic film library, from “Casablanca” and “Citizen Kane” to this year’s “Superman.”
The Theatrical Question
Perhaps the most intriguing aspect of the announcement is Netflix’s commitment to continue releasing Warner Bros. films theatrically—though the details remain deliberately vague.
“Our mission has always been to entertain the world,” said Ted Sarandos, co-CEO of Netflix. “By combining Warner Bros.’ incredible library of shows and movies—from timeless classics like Casablanca and Citizen Kane to modern favorites like Harry Potter and Friends—with our culture-defining titles like Stranger Things, KPop Demon Hunters, and Squid Game, we’ll be able to do that even better.”
During an investor call following the announcement, Sarandos addressed the theatrical release strategy directly, noting that Netflix has released about 30 films theatrically this year and doesn’t oppose cinema releases. However, he made clear his position on theatrical windows.
“My pushback has been mostly in the fact of the long, exclusive windows that we don’t think are that user friendly,” Sarandos said. “I think over time the windows will evolve to be much more consumer friendly, to be able to meet the audience where they are, quicker.”
Regarding HBO’s current theatrical output, Sarandos confirmed: “I wouldn’t look at this as a change in approach for Netflix movies, or for Warner movies for that matter. Right now you should count on everything that is planned as going to the theaters through Warner Bros., will continue to go to the theaters through Warner Bros.”
But he added a crucial caveat: “Netflix movies will take the same strategy as they have, which is some of them do have a short run in the theaters beforehand, but our primary goal is to bring first-run movies to our members, because that’s what they’re looking for.”
What About Video Games?
Notably absent from the announcement was any specific mention of Warner Bros.’ video game division, which includes:
- NetherRealm Studios (Mortal Kombat)
- Rocksteady Studios (Batman: Arkham series)
- Avalanche Software (Hogwarts Legacy)
- Traveller’s Tales (Lego games)
With major releases planned for next year, including “Lego Batman: Legacy of the Dark Knight” and a rumored new Arkham title from Rocksteady, the future of these studios under Netflix ownership remains unclear.
The Competition’s Perspective
Warner Bros. Discovery CEO David Zaslav framed the deal optimistically: “Today’s announcement combines two of the greatest storytelling companies in the world to bring to even more people the entertainment they love to watch the most. For more than a century, Warner Bros. has thrilled audiences, captured the world’s attention, and shaped our culture. By coming together with Netflix, we will ensure people everywhere will continue to enjoy the world’s most resonant stories for generations to come.”
The acquisition comes after weeks of speculation and reported interest from other parties, including rival studio Paramount. That Netflix ultimately won the bidding war demonstrates the streaming giant’s willingness to invest massively in established intellectual property.
From Builder to Buyer
This deal represents a strategic pivot for Netflix. The company has spent the past decade building its reputation on original content like “Stranger Things,” “The Crown,” and “Squid Game.” Now, it’s acquiring arguably the most prestigious film and television library in Hollywood history.
The acquisition creates a content catalog that rivals Disney’s in breadth and depth. Warner Bros.’ century of filmmaking combined with HBO’s prestige television and Netflix’s global streaming infrastructure creates an entertainment behemoth with few competitors.
Regulatory Questions Ahead
The deal is subject to regulatory approval, which could prove challenging given the consolidation it represents. Antitrust concerns about media monopolies have intensified in recent years, and this merger will likely face significant scrutiny from government regulators in the U.S. and internationally.
What This Means for Consumers
For subscribers, the integration of Warner Bros.’ content means an unprecedented library available in one place. HBO Max will be folded into Netflix, eliminating the need for multiple subscriptions to access premium content.
However, questions remain about what happens to Warner Bros.’ current output deals with other platforms, how theatrical releases will be handled long-term, and whether Netflix’s commitment to cinema is genuine or merely a transition strategy.
The $82.7 billion price tag represents Netflix’s bet that owning established franchises and beloved classics is worth more than continuing to build its original content library from scratch. Whether that gamble pays off will depend largely on execution—and on whether theaters and Netflix can truly coexist under the same corporate umbrella.
One thing is certain: the entertainment landscape just changed dramatically. The question is whether it changed for the better.
