Netflix Set To Acquire Warner Brothers in $82.7 Billion Deal, What To Expect Now?
As Netflix moves to combine its 300 M+ subscribers with Warner Bros.’ storied studio and streaming empire, critics warn the merger could choke competition, cut cinematic diversity, and weaken consumer choice.
In a blockbuster announcement on December 5, 2025, Netflix confirmed that it intends to acquire Warner Bros. Discovery’s film studios, TV production, and streaming assets, including HBO and HBO Max, in a deal valued at US$82.7 billion. The transaction, expected to close after WBD completes a planned spin-off of its cable-TV assets, would bring together the world’s largest streaming service and one of Hollywood’s most legendary content libraries.
For Netflix, which already counts more than 300 million paying subscribers, the acquisition adds WBD’s HBO-related audience, roughly 128 million, and hands over a treasure trove of blockbuster franchises: everything from “DC Comics,” “Harry Potter,” and “Game of Thrones,” to decades of studio output that once defined what cinema meant globally.
This takeover is a structural shift, as Netflix, once a disruptor carving out space for digital streaming, is aiming to become a vertically integrated entertainment powerhouse, with production, streaming, and distribution all under a single roof.
Why Critics Say It Could Be a Monopoly in Motion
But the reaction has been immediate and fierce. Across Hollywood, Washington, and European capitals, fears are mounting that the merger could concentrate too much power in a single corporate hand. Critics highlight how the combination of Netflix and WBD could dramatically shrink competition in film, television, and streaming, the very sectors whose diversity and plurality once defined modern media.
Members of Congress, trade unions, theater-owner associations, and smaller studios have raised red flags. Among them, Elizabeth Warren described the deal as an “anti-monopoly nightmare,” warning it could lead to fewer choices for consumers, higher subscription prices, reduced creative opportunities, and job losses across the entertainment industry.
Adding weight to that concern, trade groups representing thousands of cinemas worldwide have called the acquisition an unprecedented threat to theatrical cinema. They argue that Netflix has historically deprioritised theaters, and that combining its platform with WBD’s studio might accelerate the shift away from big-screen releases, risking a collapse of global movie-theatre economics.
Many analysts expect the agreement to trigger intense antitrust investigations, both in the United States and in the European Union. Regulators will likely examine whether the merged entity would control too large a share of streaming and content licensing, if content distribution and licensing practices would become unfairly restrictive, and whether smaller studios and theaters would be priced out of competition.
Bigger Content, More Reach, More Opportunity
Despite the uproar, Netflix isn't staying silent. Company leadership maintains that the deal will bring benefits to consumers, creators, and workers alike. According to co-CEO Ted Sarandos, the merger could mean more resources for production, wider global reach for films and shows, and expanded opportunities for talent.
Supporters argue that a combined Netflix-WBD will have the scale, financial and creative, to take bigger risks, invest in diverse storytelling, and fund high-budget productions that many studios currently shy away from. They also suggest that synergies from the merger could lead to cost savings, more efficient content distribution, and perhaps even lower prices or bundled offerings for consumers.
Netflix insists that theatrical distribution will continue, as Warner Bros. films will still get cinema releases before streaming, preserving at least part of the traditional film pipeline. Whether that translates to the same scale of theatrical support remains to be seen.
What Could Change for Viewers, Creators, Theaters
If regulatory authorities approve the deal as is, the entertainment landscape could tilt sharply in Netflix’s favor. Consumers might see a larger consolidated streaming catalog under one subscription (or bundled options), but that could come at the cost of choice, with fewer independent studios competing for attention, fewer alternative distribution models, and less diversity in content voices.
For creators, writers, directors, actors, technicians, a single dominant company controlling both studios and distribution might mean fewer bargaining chips, reduced leverage, and potentially lower pay or diminished creative freedom. Studios may prioritize blockbuster franchises and global-scale productions over mid-budget or niche films.
In the case of theaters, especially small and independent ones, the merger might be existential. Reduced theatrical releases, combined with the pervasive expansion of streaming-first distribution, could drain box office revenues, triggering closures, job losses, and eroding cinema culture worldwide.
Yet some scenarios also carry nuance, as the merged giant might invest in content globally, local-language productions, or underserved markets, with competition from other global players still existing, probably, and the regulators might impose conditions, such as divesting certain rights, guaranteeing theatrical windows, or limiting bundling, that temper the merger’s impact.
A High-Stakes Gamble For Industry, Regulation and Culture
In short, Netflix’s bid to absorb Warner Bros. Discovery is a pivot point. It asks whether entertainment remains a multi-studio, multi-platform ecosystem or becomes dominated by sprawling, vertically integrated conglomerates.
The deal is still pending, as regulatory reviews, global competition watchdogs, theatrical-industry resistance, and union lobbying all stand between today’s announcement and tomorrow’s reality. If blocked or significantly modified, the merger could become a cautionary tale about concentration in media. If approved, it could rewrite how content is created, distributed, and consumed, defining film and streaming dynamics for decades.
For millions of viewers, creators, and cinematic institutions, the outcome may reshape what watching a movie or streaming a show means in the 21st century, and who gets to decide it.
