2025 has been a wild year in the business of show. Warner Bros. Discovery’s planned 2026 split was apparently only the beginning, as the past couple months have seen suitors trying to make a deal to acquire the legacy studio. In a horse race that saw Paramount, Universal, and Netflix as interested parties, CEO David Zaslav seemed to have his pick of the litter. That choice has now been made, with the big red N making the right moves to win the day.

Warner Bros’ Acquisition By Netflix Is Set For Q3 2026

Announced via a press release this morning, the streaming pioneer has now pledged $82.7 billion in “total enterprise value” to seal the deal. Don’t go expecting your HBO Now to shut down overnight however, as Netflix laid out the following expectations for this mammoth undertaking: 

Today, Netflix, Inc. and Warner Bros. Discovery, Inc. announced they have entered into a definitive agreement under which Netflix will acquire Warner Bros., including its film and television studios, HBO Max and HBO. … The transaction is expected to close after the previously announced separation of WBD’s Global Networks division, Discovery Global, into a new publicly-traded company, which is now expected to be completed in Q3 2026.

Warner Bros. now gets to proceed like business as usual with its defined separation plans, with a new corporate parent to guide what remains. So assets like the Discovery Network and cable networks such as TBS and TNT are setting sail as a separate company. This always seemed like the best case scenario, as I previously pointed out through analysis for TV Squad. Even in the wake of what feels like a deal well made, there’s another big question that Netflix has already answered for us folks at home. 

Netflix Has Clear Plans For Warner Bros.’ Theatrical Strategy

Making that box office dollar has never been a major concern for Netflix, which has only sparked intense debate about whether this deal would threaten one of 2025’s strongest box office machines. Those worries were amplified in light of pictures like Sinners, Superman, and current awards darling One Battle After Another making the studio some serious money.

Putting those worries to rest, the streaming giant initially addressed the shield in the room with this assurance: 

Netflix expects to maintain Warner Bros.’ current operations and build on its strengths, including theatrical releases for films.

However, in a conference call (via Deadline) with Netflix co-CEO Ted Sarandos, this other hint at what’s to come in the theatrical world unfurled:

My pushback has been mostly in the fact of the long, exclusive windows, which we don’t really think are that consumer friendly.

It’s crazy to look back on those initial rumors of Paramount’s efforts to purchase WBD, and see Netflix holding the bag. This move has its ups and downs, and pundits are going to have a lot to discuss in the aftermath. For now, all any of us can do is sit back and see what comes next for Netflix and Warner Bros’ potentially beautiful friendship. With regulatory hurdles to clear, and the set closing date quite a ways off, anything could happen as time goes by.

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