Netflix Buys Warner Bros — But Its Theater-Saving Promise Hinges on a Faustian Bargain

So, here we are: Netflix might actually buy Warner Bros. Discovery's movie and TV studio — plus HBO Max — and the rest of Hollywood is sweating. This is one of those 'if this really happens, everything shifts' moments. And yeah, it's messy.

Where the deal stands (as of now)

Per Variety, Netflix is in exclusive talks to acquire Warner Bros. Discovery's film and television studio along with HBO Max. That exclusivity follows a pretty heated bidding scrum that also involved Paramount, Skydance, and Comcast. Netflix has reportedly put $30 per share on the table.

Paramount, now steered by CEO David Ellison, made an all-cash $27-per-share play for the whole WBD empire, backed by three Middle Eastern sovereign wealth funds. Paramount's side also threw elbows at Netflix, accusing the streamer of conflicts of interest during the process.

What Netflix would get (and why that scares people)

If this goes through, Netflix would suddenly control a century's worth of Warner Bros. library, DC Studios IP, Harry Potter, and the prestige crown jewels of HBO. Netflix has told folks it will honor Warner's theatrical commitments. The complicating factor: Netflix's co-CEO Ted Sarandos has been very public about his view that the traditional theatrical experience is past its prime.

"Folks grew up thinking, 'I want to make movies on a gigantic screen and have strangers watch them [and to have them] play in the theater for two months and people cry and sold-out shows ... It's an outdated concept.'"

That kind of talk has not exactly calmed nerves. A group of Hollywood talent has already warned that Netflix could "effectively hold a noose around the theatrical marketplace," which tells you how anxious the town is about a streamer running one of the last true theatrical powerhouses.

The theatrical problem, explained

Warner Bros. has been a reliable machine for big-screen releases, pulling in hundreds of millions under Pam Abdy and Mike De Luca by mixing sequels, originals, and smart mid-size bets. Netflix, by contrast, is a streaming-first company that only dabbles in theaters when it has to (awards runs, special events). Sarandos has also knocked the 45-day window as something that's out of step with how people actually watch movies.

Netflix does toss the occasional bone to theaters — think splashy one-offs like a 'Stranger Things' finale event or those K-pop 'Demon Hunters' sing-alongs — but that's garnish. The main course is still at-home viewing.

Receipts from 2025 (and why they matter)

Here's how Warner Bros. has been performing in 2025 according to the snapshot being passed around. If accurate, it paints a picture of a studio that's still very good at playing the theatrical game — which is exactly why exhibitors are on edge about a Netflix takeover:

• Companion — $36.7M domestic, 93% on Rotten Tomatoes
• Mickey 17 — $133.3M domestic, 78%
• Minecraft Movie — $957.9M domestic, 39%
• Sinners — $367M domestic, 97%
• Final Destination Bloodlines — $315M domestic, 92%
• F1: The Movie — $631M domestic, 82%
• Superman — $616M domestic, 83%
• Weapons — $268M domestic, 93%
• The Conjuring: Last Rites — $494M domestic, 58%

That lineup is sequels, franchises, and original swings, all working together. If Netflix starts funneling most of that straight to streaming, you can see the ripple effects: fewer tentpoles in wide release, DC and The Lord of the Rings getting sidelined from theaters, and some of Warner's tight relationships with big-name filmmakers getting stressed.

The cautionary tale: The Irishman

We already know how Netflix handles a major filmmaker with a big canvas. 'The Irishman' premiered at the New York Film Festival, then got a limited theatrical run on November 1 before hitting Netflix on November 27. The big chains balked at the short window, so the movie mostly played in independents. It was accessible to the world on Netflix, sure, but the box office was modest — which is exactly what theater owners fear if Netflix controls an old-school studio built around the big screen.

Could Netflix bring back Zack Snyder's DC universe?

This is where the fan speculation machine goes into overdrive. Zack Snyder directed four DC movies: 'Man of Steel' (2013), 'Batman v Superman: Dawn of Justice' (2016), 'Justice League' (2017), and 'Zack Snyder's Justice League' (2021). He has said before that he would be open to continuing his DC saga if Netflix ever had those character rights.

"If Netflix had the rights to the characters from my DC universe, of course I would, absolutely."

With Netflix leading the bidding, that hypothetical moves from fantasy to maybe-not-crazy. In theory, Netflix could hand Snyder the keys again — think Henry Cavill's Superman, Ben Affleck's Batman, Gal Gadot's Wonder Woman — and try a hybrid strategy: selective theatrical runs to keep fans happy, then a fast pivot to streaming where Netflix lives. It's speculative until the ink is dry, but the door would be open in a way it hasn't been.

The bottom line

If Netflix buys Warner Bros., the streamer gets the most valuable IP vault in Hollywood and a shot at reshaping DC, Harry Potter, and more. The tradeoff: a real threat to the theatrical rhythm Warner Bros. has spent a century perfecting. Maybe Netflix surprises everyone and copies Amazon's MGM approach with a stronger theatrical push. But if past behavior is any guide, subscriber growth will win the argument.

What do you think — if Netflix ends up running Warner Bros., do theaters take a hit, or does this force a smarter balance between the big screen and the couch?