The latest move by Netflix could put the streaming giant at the top of the Hollywood totem pole.
The company has reached an agreement to acquire Warner Bros.’ film, television and HBO streaming operations. The deal amounts to roughly $72 billion in equity and more than $82 billion including debt.
If approved, it would fuse one of the world’s biggest streaming platforms with a century-old studio responsible for many of pop culture’s most valuable franchises, including New Jersey favorite, the Sopranos.
The move completely shakes up Hollywood. Netflix gains control of characters and worlds like Batman, Harry Potter and Game of Thrones. And despite Netflix’s long preference for living room viewing as opposed to the theater, the company gains the studio that led the 2025 box office.
Regulators will now decide whether this consolidation is a threat to competition, creativity and consumers. The U.S., Europe and other major markets are poised to dissect the deal for a closer look. Critics from Capitol Hill are warning that a single company commanding too much attention, too many screens and too many franchises could be detrimental to the industry at large.
Netflix argues the opposite: that Warner Bros.’ immense catalog pairs well with its global reach, creating more choices for audiences and more opportunities for talent. The company insists that it intends to keep Warner Brothers’ theater-focused approach alive, even as Netflix has historically stuck to streaming.
The deal lands after a tense bidding war between big names in the industry.
For weeks, Paramount was viewed as the likely buyer, touting political ties and a plan to purchase the entire company. Comcast also made less front-facing moves that ultimately did not pan out. However, Netflix’s cash-heavy offer, combined with a steep breakup fee, pushed it to the front.
Warner Bros. Discovery will first split into two separate companies in 2026. The networks business—including cable channels like CNN and Discovery—will stand on its own. The newly separated Warner Bros. studio and HBO-centric streaming division will then be absorbed by Netflix, assuming regulators sign off.
For Netflix, the move is viewed as strategic. The brand makes a defensive play for ownership of content that can further keep viewers engaged. The idea is that the more content Netflix holds onto, the longer the consumer will stay on the app.
For Warner Bros., it’s the latest shift in a period defined by corporate handoffs and cost-cutting. However, it’s not all winners. For everyone else in media—particularly smaller studios—it’s a new pressure point. As small-to-mid-sized studios continue to struggle, the biggest name in the industry just got even more powerful.
If the deal succeeds, the long-running “streaming wars” may have a winner. If it fails, Netflix will still owe billions under the breakup terms.
Either way, a new chapter has begun. The company that once killed video stores like Blockbuster now wants to own the studio lot too.
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