Weeks after Warner Bros. signaled it was open to being acquired, the entertainment giant has already found its top bidder -- and it's a well-known name in streaming: Netflix.
If finalized, the acquisition would give Netflix complete control of Warner Bros., including its vast century-old film library, HBO and HBO Max, and major franchises such as Harry Potter, Game of Thrones, and DC Comics.
"Our mission has always been to entertain the world," said Ted Sarandos, co-CEO of Netflix, in a press release. "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."
Netflix isn't planning any major shakeups…. yet
The future of HBO Max is unclear
Once the deal is finalized, Netflix says it plans to "maintain" Warner Bros.' existing operations, including its upcoming theatrical releases. It didn't explicitly say so, but presumably that likely includes the next Superman film, Man of Tomorrow, slated for July 9, 2027, and Supergirl, set for June 26, 2026. The Batman Part II is also set for an October 1, 2027, release date.
However, given Netflix's pattern of offering its original films limited theatrical runs before quickly releasing them on its streaming platform, it will be interesting to see whether it uses that same approach with Warner Bros.' upcoming releases. For example, Netflix just released the latest Knives Out film in theaters on November 26, but it only plays for two weeks before hitting Netflix on December 12. If future Warner Bros. films follow the same pattern, I believe that raises serious concerns about the future of movie theaters, which depend on longer theatrical runs before streaming releases. With that in mind, I find it hard to see how this deal will be good for the future of movies.
Whatever happens with this acquisition, I hope Netflix allows Warner Bros. to continue offering full theatrical runs instead of sending films to streaming almost immediately.
As for HBO Max, its future is less certain. In its press release, Netflix said that "by adding the deep film and TV libraries and HBO and HBO Max programming, Netflix members will have even more high-quality titles to choose from." To me, that wording suggests HBO Max might be on borrowed time if Netflix ultimately decides to fold its content into its own platform instead.
HBO Max is home to several major series, including House of the Dragon, The Pitt, and the upcoming Harry Potter TV adaptation, which is currently filming and slated for release in 2027. If the deal goes through, there's a real possibility the Harry Potter series could land on Netflix.
That said, Netflix could also choose to keep HBO Max as a standalone service and operate both platforms separately. We'll have to wait and see as more details about the deal emerge over the next year.
There is still a long road ahead for this deal
It still has to go through the required regulatory approvals
Although Netflix and Warner Bros. have reached a formal agreement, it still must clear several regulatory hurdles, a process that likely won't be straightforward for the companies. Plus, other interested buyers in Warner Bros. aren't pleased either. Paramount Skydance's CEO, David Ellison, has already called the deal "a tilted and unfair process" (via The Independent).
On the government side, opposition is reportedly already building within the Department of Justice, which is preparing a lawsuit to block the merger, according to The Hollywood Reporter.
The deal isn't expected to close until sometime in 2026, after Warner Bros. completes its separation from Discovery. In other words, Netflix and Warner Bros. still face a long road before anything becomes final. Netflix says the $82.7 billion transaction is "expected to close in 12-18 months."
My main concern about this deal is how it could affect the future of movie theaters. Netflix is a streaming giant, and while it does release some films in theaters, the runs are typically short and the releases aren't very wide. For instance, the latest Knives Out film is only showing at a handful of theaters near me in Toronto, rather than every one. Warner Bros., on the other hand, traditionally gives its movies longer and broader theatrical releases. Whatever happens with this acquisition, I hope Netflix allows Warner Bros. to continue offering full theatrical runs instead of sending films to streaming almost immediately.