Netflix is reportedly exploring a major acquisition: Warner Bros. Discovery. Reuters reports that the streamer has hired an investment bank and is “actively” working on a potential offer for the studio behind 2025 releases A Minecraft Movie, Superman, and Sinners.
If Netflix moves forward, it would gain control of high-value franchises including Harry Potter, the DC Universe, and HBO Max, which currently operates as one of its biggest competitors in streaming. Netflix is not the only player in the mix. Paramount Skydance is still widely viewed as a leading contender.
Warner Bros. Discovery confirmed last week that it is officially open to buyout offers. The news has already sparked speculation about executive fallout, including whether DC Studios co-CEO James Gunn might exit if ownership changes. For now, that remains speculation. Bloomberg reports that Paramount’s plan, if successful, is to keep the creative teams at both studios in place while merging parts of marketing and distribution. Gunn is not mentioned by name, though many assume he would remain in place as part of the existing creative structure.
Bloomberg also reports that if Paramount secures the deal, CEO David Ellison intends to merge HBO Max and Paramount Plus into a single streaming platform, combining both content libraries.
Warner Bros. Discovery still controls some of the most valuable brands in Hollywood including HBO, CNN, Harry Potter, and DC. The company has already delivered box office success this year with Superman, A Minecraft Movie, and Sinners, following the billion-dollar performance of Barbie in 2023.
On the DC side, Gunn is currently writing Man of Tomorrow for a 2027 release, with Supergirl and Clayface set for 2026 and Peacemaker Season 2 arriving this August. Whether those plans stay intact depends less on the creative slate and more on which studio is signing the checks by the time the dust settles.
