Netflix’s proposed acquisition of Warner Bros is a shocking development in the world of entertainment that has raised many questions about the future of film and TV.
The lucrative deal, worth $72bn, is yet to be finalised, but if team Netflix are able to fend off Paramount’s counteroffer of $108.4bn, the face of streaming will look very different within the next two years.
Netflix has made it clear to subscribers that nothing is currently changing – and won’t be for a long while. But there is mounting concern over the fate of Warner Bros projects as well as those of its affiliate HBO, not least because of Netflix co-CEO Ted Sarandos’s previous comments about cinema releases.
Will more films skip a cinema release and go straight-to-streaming?
Sarandos has indicated in the past that he doesn’t think the cinema-going experience is a vital one, believing films can be enjoyed just as effectively when sitting on your sofa at home. After Oppenheimer and Barbie exceeded $1bn at the box office in the Barbenheimer craze of 2023, Sarandos suggested the films would have made just as much of a cultural impact had they been made available to stream instead.
“There’s no reason to believe that the movie itself is better on any size of screen,” he said, noting that his son Tony, an editor, “watched Lawrence of Arabia on his phone” and enjoyed the experience just as much as he would have on a big screen.
In the wake of the proposed Warner Bros deal, Sarandos addressed these views, but added more fuel to the fire. He said he didn’t have “opposition to movies in theatres”, but said his “pushback has been mostly” about how long these films stay in cinemas. In Sarandos’s words, longer release windows are not consumer-friendly and films should be made available sooner at home.
This remark led to widespread panic that future Warner Bros films will have their theatrical windows drastically reduced, but days later, Sarandos tried to calm matters by saying the films will be released as normal, and for the same duration. “These movies will be released on Netflix through theatres the way Warner Bros did it before, but with the Warner Bros operating entity,” he said. “It’s really important the way they create, and the way they drive value. We didn’t buy this company to destroy that value.” How much of that is a fire-extinguishing exercise remains to be seen; these future titles will remain at Netflix’s mercy.
It’s worth highlighting that Sarandos’s primary reason for wanting Netflix films in cinemas seems to be linked with a desire to be nominated for awards. (If a film doesn’t have a theatrical run for at least seven consecutive days in one cinema, it won’t be eligible.) This is why numerous high-profile films get released in theatres for up to 17 days before being added to Netflix – a business model that has led to boycotts by several US cinema chains, including AMC and Cinemark.
What will happen to HBO Max’s TV shows?
The other uncertainty in all the goings-on revolves around HBO Max, which has been owned by Warner Bros since 2020. The streaming service is the exclusive home of the premium cable network’s extensive shows dating back to the 1990s, and until now has been the sole place you can find such series.
Just days before the Netflix acquisition was announced, there was a launch event for HBO Max’s new streaming service in the UK, due to arrive later this year. It was attended by network president Casey Bloys, Euphoria creator Sam Levinson and Lisa Kudrow, who was promoting season three of The Comeback. During the event, Bloys noted how Baby Reindeer star Richard Gadd had chosen to bring his next show, Half Man, to HBO over Netflix – a notable development after Netflix released Gadd’s Emmy Award-winning TV breakout in 2024. Two days later, Gadd might have been surprised to discover Netflix might be releasing his follow-up after all.
HBO Max will continue to operate as it is, with the platform’s UK premiere proceeding as planned in March 2026. But should Netflix’s acquisition go through, what could this mean long-term? It seems likely that historic HBO titles, including Game of Thrones and The Sopranos, will become an increasing presence on Netflix, while the new shows released exclusively on HBO Max, including The Pitt and Hacks, will continue to premiere there.
It is certainly a kick in the teeth to HBO Max’s placement in the world of streaming; this is a service that prides itself on being the hub for HBO’s output – some of which has no home in several global territories – so its purpose might be dented somewhat if many of the projects can suddenly be found on another streaming service. This is why Netflix co-CEO Gregory Peters has suggested the likelihood of subscription bundles, which suggests customers might be able to own HBO Max if they don’t want Netflix.
Warner Bros CEO David Zaslav made it clear, in a recording obtained by Business Insider, that “for people that only want HBO Max, they’ll be able to get it”. However, when Netflix takes over, he won’t have any say on what happens.
And what about the future of TV and film more generally?
The big debate right now is what it means for the future of film and TV if Netflix, a service that bridged the gap between the big and small screen back in 2013, becomes a Hollywood conglomerate rivalling Disney. Should the deal be pushed through, Netflix will own not just its own properties – from Stranger Things to Squid Game – but Harry Potter and the entirety of the DC Studios output, too.
Sarandos suggested that Netflix could release offshoots of existing Warner Bros titles. “By combining Warner Bros’ incredible library of shows and movies – from timeless classics like Casablanca and Citizen Kane to modern favourites 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. Together, we can give audiences more of what they love and help define the next century of storytelling.”
It might not mean that we’re suddenly going to get a sequel series exploring, say, the “beautiful friendship” of Casablanca characters Rick Blaine and Louis Renault, or a Friends prequel about Janice, but it doesn’t necessarily rule that out, either. After all, HBO has had big success with series Welcome to Derry, a prequel based on the blockbuster It films, and with Netflix in charge, an extensive library of projects can be mined for spin-off potential à la Addams Family hit Wednesday.
James Gunn might be a tad concerned. The director was appointed as co-head of DC Studios alongside Zaslav in 2022, and has carefully steered Warner Bros away from a series of DC duds towards critical and commercial success, whether it be 2025 blockbuster Superman or HBO Max series Peacemaker. The deal could muddy the waters if there is suddenly an outbreak of projects mooted by the new execs in charge. They’d do well to defer to Gunn’s expertise.
And finally, what’s in store for Warner’s games?
For gamers, there’s not much good news on the horizon. Peters told investors that Warner’s gaming division wasn’t a consideration when it came to the deal as “they’re relatively minor compared to the grand scheme of things”. This does not scream good news for the division’s future under a Netflix ownership. While Warner Bros Games’s output has certainly not been the shining fortress it once was, there’s no denying its impact, with the release of the Arkham franchise plus Harry Potter spin-off Hogwarts Legacy, which sold more copies in the US in 2023 than Call of Duty.
There is no firm idea of exactly how things will officially change should the acquisition be approved, but it’s important to stress that Sarandos’s previous comments have come as a rival of Warner Bros. It makes sense that a couple of years ago he poured water on, for example, Barbie and Oppenheimer’s cinematic success – but as an incoming studio overlord, he’d be foolish to ignore it.
Knives Out director teases ‘conceptual ideas’ for next Benoit Blanc mystery
Adolescence star reveals unexpected impact of show’s success following ‘chaotic’ year
Rian Johnson’s cool, clever Knives Out series is yet to stumble – review
Dame Judi Dench realises long-held ‘dream’ with rock star
Home Alone casting notes show how different Christmas classic could have been
Tributes pour in for ‘big-hearted genius’ Rob Reiner after director is found dead
