Netflix Poised to Snag Warner Bros. After Weighing a Disney Buyout

So this got my attention: before Netflix dropped a mountain of cash on Warner Bros., they apparently kicked around an even bigger swing — buying Disney. Yes, Disney. That was on the whiteboard at one point.

The quick version

• Per Bloomberg, Netflix weighed acquiring Disney, and also looked at Fox (back before Disney scooped it up) and video game publisher EA (which has since struck a deal to go private with a group of investors that includes Saudi Arabia's Public Investment Fund). Netflix ultimately passed on those ideas.
• Instead, last week Netflix bought Warner Bros. for $82.7 billion — one of the biggest media deals ever.
• The package includes HBO, DC Studios, and marquee franchises like Harry Potter and The Lord of the Rings.
• Warner Bros. has been on a tear in 2025: 'Superman' and 'A Minecraft Movie' plus surprise horror breakouts 'Sinners' and 'Weapons' have together pulled in about $2 billion worldwide so far.
• There are questions about what Netflix means for Warner Bros. in theaters, but CEO Ted Sarandos says they are not gutting the theatrical side.

Netflix almost went mouse hunting

Bloomberg says Netflix explored a Disney takeover at some point before the Warner Bros. deal. If that sounds wild, it is — the scale alone is eye-watering. This was part of a broader what-if tour: Fox was also on the list back when it was still independent, and EA popped up too, though EA has since negotiated a go-private deal with a consortium that notably includes Saudi Arabia's Public Investment Fund.

What they actually bought

Last week, Netflix chose the path that was merely gigantic and bought Warner Bros. for $82.7 billion. With that, they inherit a mountain of IP and pipelines: HBO and its entire prestige machine, DC Studios' superhero slate, and those fan-magnet worlds of Harry Potter and The Lord of the Rings.

And the movies are already hitting

Warner Bros. has quietly (and not-so-quietly) owned a chunk of 2025. 'Superman' and 'A Minecraft Movie' delivered the blockbuster fireworks, while 'Sinners' and 'Weapons' turned into horror sleepers. Combined, those four have notched roughly $2 billion at the global box office so far — the kind of number that makes a theatrical strategy hard to ignore.

Will Netflix keep the big-screen pipeline open?

That’s the worry: does Netflix + Warner Bros. mean fewer trips to the multiplex? Sarandos is out front trying to calm that down. In his words:

"The theatrical business we have not talked a lot about in the past, about wanting to do it, because we've never been in that business. When this deal closes, we are in that business, and we're going to do it. We didn't buy this company to destroy that value."

Where this leaves things

The headline is simple: Netflix sampled some massive takeover ideas, passed, then bought Warner Bros. for a mind-bending sum. The immediate upside is clear — HBO, DC, and a box office run that is already paying dividends. The open question is how Netflix handles theatrical releases long term. If Sarandos sticks to that promise, expect the red N to be just as present at your local cinema as it is on your TV.

If you want to keep tabs on the biggest releases, keep an eye on our running calendar for 2025 and beyond.