Netflix moves to buy Warner Bros Discovery in $82.7B deal as regulators prepare for a global showdown

Netflix has officially announced its intention to acquire Warner Bros Discovery’s studio and streaming assets in a proposed $82.7 billion deal that, if approved, would reshape the modern entertainment landscape. The move is already being described as one of the most consequential media acquisitions in decades, but it is far from finalised. The transaction still faces an extensive regulatory gauntlet across the United States, Europe and other major markets.

For now, Netflix has signalled its ambition. It has not sealed the deal.

A potential new content superpower

Warner Bros Discovery sits on one of Hollywood’s most valuable content libraries, including HBO, DC Studios, Warner Bros Pictures, Adult Swim and Cartoon Network. If regulators approve the acquisition, Netflix would gain direct ownership of:

• HBO titles like House of the Dragon, The Last of Us and True Detective
• DC Universe films and series including Batman, Superman and Joker
• Major franchises like Dune, Barbie, The Matrix and Harry Potter
• A century’s worth of Warner Bros film and television

It would be the largest consolidation of premium entertainment IP in streaming history.

The deal is not done yet

The announcement has triggered immediate scrutiny. Over the next 12 to 18 months, the proposal must clear:
• US Department of Justice antitrust review
• Federal Trade Commission evaluation
• EU digital markets and competition regulators
• UK CMA investigations
• Potential hearings with US lawmakers concerned about media consolidation

Analysts believe the deal, if approved, may require concessions such as divesting non-core assets or restructuring DC Studios.

This is not a guaranteed acquisition. It is a high-stakes attempt.

Why Netflix wants WBD now

Netflix’s growth in 2025 has been steady but slower compared to the platform’s peak years. Competitors like Amazon Prime Video, Disney Plus, Apple TV Plus and Showmax have strengthened regional content strategies and diversified business models.

Owning Warner Bros Discovery’s catalogue gives Netflix:
• Long term stability through permanent IP ownership
• Franchise power comparable to Disney
• Expanded theatrical ambitions
• More leverage in global licensing markets
• A massive base for AI driven production and localisation

It is a strategic shift from being the biggest buyer of content to being the biggest owner.

Why South Africans should watch this closely

South Africa’s streaming ecosystem is uniquely competitive. Netflix dominates subscriber share, but Showmax, Prime Video and Disney Plus have strong offerings.

If the acquisition goes through, expect major shifts:
1. HBO content could leave Showmax
Showmax’s biggest prestige drawcard comes from HBO licensing. Netflix would almost certainly pull this content once licences expire.

2. Netflix would own DC and major film franchises
Exclusive access to blockbuster IP would strengthen Netflix’s local pull.

3. Local productions may increase
A larger global catalogue base often allows Netflix to invest more aggressively in regional originals.

4. Showmax and Prime Video would need new differentiators
Expect more local content arms races, data saving features and bundle promotions.

What happens next

Regulators across the US and EU will begin preliminary investigations over the next few months. Public comment periods, antitrust hearings and market impact assessments will follow.

The world waits. And South Africa’s streaming future might depend on the outcome.