Does Netflix Own Warner Bros.? Unpacking the ownership & Licensing Deals in the Streaming Wars

Published on December 16, 2025 at 9:00 AM

It is the question that has defined the early days of the Streaming Wars: Does Netflix own Warner Bros.? The answer, until recently, was an absolute no. However, the entire media industry shifted dramatically in December 2025 when Netflix and Warner Bros. Discovery (WBD) announced they had reached a definitive agreement for Netflix to acquire Warner Bros. and its streaming assets.

Does Netflix Own Warner Bros.? Unpacking the ownership & Licensing Deals in the Streaming Wars — Does Netflix Own Warner Bros.? (image: Gowavesapp)

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While the deal, valued at $82.7 billion, is signed, it is not yet complete. The transaction is pending regulatory approval and is currently facing a hostile takeover bid from rival Paramount, creating one of the biggest corporate battles in Hollywood history. This article unpacks the current status of the Netflix acquisition of Warner Bros., clarifies the Netflix ownership structure, and explains how this massive move will reshape the future of entertainment.

Understanding the deal: what Netflix is buying?

The current deal sees Netflix acquiring the core creative and distribution assets of the Warner Bros. Discovery group, following a competitive bidding war:

Warner Bros. Studio: The storied film and television production studio, including the Burbank lot.
HBO and Max: The prestigious HBO network and its flagship streaming service, Max.
Key IP and Franchises: Ownership of legendary franchises, including DC Comics, Harry Potter, Game of Thrones, and the entire extensive Warner Bros. library (Friends, The Big Bang Theory, etc.).

Crucially, the deal involves WBD first spinning off its Global Networks division (CNN, TBS, TNT) into a separate entity. The acquisition is currently expected to close between late 2026 and early 2027, pending legal and regulatory clearance.

Why the acquisition is happening?

The sale stems from the financial pressure on Warner Bros. Discovery following its 2022 merger, which left the company heavily indebted. For both companies, the acquisition offers massive strategic advantages:

For Netflix (The Buyer): The deal instantly gives Netflix control of one of the deepest and most iconic content libraries in history. It eliminates a major streaming competitor (Max) and provides a century-old, built-in film studio infrastructure, accelerating Netflix’s move toward owning all its core content.
For Warner Bros. Discovery (The Seller): The sale provides a massive influx of cash and stock ($82.7 billion) to dramatically reduce WBD’s debt, allowing the remaining Global Networks division to focus solely on its cable and broadcast business.

The new ownership structure

If the deal is approved by regulators, the ownership landscape will fundamentally change:

1. The New Netflix

While the company will remain publicly traded (NFLX), the combined entity will be a media giant unlike any other.

Independent, Integrated Giant: Netflix will transition from being primarily a tech-focused distributor to an integrated studio and distribution powerhouse, controlling both the production pipeline (Warner Bros. studios) and the delivery platform (Netflix).
Unprecedented Library: Its library will combine Netflix Originals (Stranger Things) with legendary IP (DC Universe, HBO content), giving it overwhelming market dominance in subscriber numbers and content value.

2. Who owns Warner Bros. today

Current Owner: The Warner Bros. studio is currently still a subsidiary of Warner Bros. Discovery (WBD).
The Transition: WBD’s shareholders and board have agreed to sell the studio and streaming business to Netflix, but legal ownership remains with WBD until the transaction officially closes, which will take over a year.

The regulatory hurdles and the hostile bid

The biggest challenge to the deal is not the price tag, but the threat of intervention from government regulators and rival companies.

Antitrust Concerns: The combined company would control an unprecedented share of the global streaming and content market. Critics, including many in Hollywood unions and the political sphere, have warned that this level of consolidation could lead to less competition, fewer creative choices, and higher prices for consumers.
The Paramount Counter-Bid: Rival Paramount (backed by billionaire interests) launched a hostile takeover bid of WBD, offering a higher price per share. This sets up a complex corporate showdown where WBD shareholders will ultimately decide which deal provides them the best value and certainty.

The future of the streaming wars

Regardless of whether Netflix or Paramount wins the bidding war, the era of massive studio consolidation is here.

Shift in Strategy: Studios like Warner Bros. and Disney have learned that the true value is not in licensing, but in owning and controlling their intellectual property exclusively for their own platforms. The Netflix acquisition accelerates this trend dramatically.
Impact on Consumers: If the Netflix deal goes through, consumers could see the HBO Max service dissolved or merged into a single, comprehensive Netflix subscription, potentially reducing the number of streaming bills but creating a single, dominant gatekeeper for a massive amount of content.

In conclusion, the simple question, “Does Netflix own Warner Bros.?” has evolved into a complex narrative. The two companies are currently engaged in a massive, definitive agreement for Netflix to acquire the studio and streaming assets, but they remain legally separate entities until the deal closes, facing heavy competition and intense regulatory scrutiny. The successful completion of this acquisition would not only answer the question with a “Yes,” but would fundamentally rewrite the rules of the entire global entertainment industry.