- Netflix announced a deal to buy Warner Bros. Discovery
- The deal represents a major shake-up for streaming, television, movies and theaters.
- Experts predicted price hikes but also simpler streaming options
The streaming world is still reverberating from the explosive news that Netflix has reached a $72 billion deal to buy Warner Bros. Discovery.
The agreement is far from finalized: the competition authorities could still intervene and derail the merger. But if the deal goes through, as many experts expect, it will be one of the biggest shakeups in the entertainment industry in decades.
Netflix would not only get the HBO Max streaming service, but also major franchises including Harry Potter And Game of Thrones. This is huge news not only for streaming, but also for theaters and cinema.
So what does all this mean for the average TV and movie fan? We asked experts for their predictions on the Netflix-Warner Bros. deal. Discovery – here are the answers to the big questions…
Will the deal go through?
First, how likely is this deal to go through? Netflix is certainly confident, as it needs to be to convince regulators to approve this huge merger.
“We are very confident in the regulatory process,” Netflix co-CEO Ted Sarandos told analysts. Most analysts believe the deal is in play, but the consensus is that it will likely be concluded after a lengthy process that could involve some concessions.
“It’s very difficult to assess the likelihood of this happening given both regulatory and policy issues: given the impact this potentially will have on cinema, it will generate a lot of opposition,” Tom Harrington, TV analyst at Enders Analysis, told TechRadar.
Paolo Pescatore, founder and analyst at PP Foresight, agrees. “In light of the current regulatory environment, this will raise eyebrows and concerns. The dominant streaming player will be closely scrutinized,” he told us. “We should expect this to continue, given Paramount Skydance’s pursuit of WBD. [Warner Bros. Discovery]”.
The decision ultimately depends on whether regulators will view the new giant as a streaming monopoly, Peter Ingram (head of research at Ampere Analysis) told us.
“Focusing on the US, Netflix and HBO Max together account for just over a quarter of total streaming subscriptions. While they don’t represent an overwhelming stake in the market, they would still be the largest player, at twice the size of its closest rival,” he said.
Still, EU antitrust experts say the deal is unlikely to be blocked. “The European Commission rarely fights these types of mergers,” Nicolas Petit (professor of competition law at the European University Institute) told Deadline.
What does this mean for Netflix and HBO Max subscribers?
So, assuming the Netflix-Warner Bros. deal. Discovery has concluded, what does this mean for existing subscribers?
The short answer is that Netflix subscribers will eventually have access to the HBO Max library – what’s less clear is whether HBO Max will continue as a separate streaming service.
In Netflix’s announcement of the deal, it said: “By adding the deep movie and TV libraries and HBO and HBO Max programming, Netflix members will have even more high-quality titles to choose from.”
The elephant in the room is what this means when it comes to pricing. Netflix gave us a codified indication, adding that the move allows it to “optimize its plans for consumers, improving viewing options and expanding access to content.” Experts think that likely means more price hikes.
“Netflix will become more expensive and the overall increase in subscription revenue will be less than the savings on the HBO side, which means increased costs for viewers,” Tom Harrington of Enders Analysis told us.
Peter Ingram of Ampere Analysis agreed. “A merger of services could result in price adjustments, either through premium tiers or a higher price for the unified offering,” he said.
But that may not be bad news in terms of costs for everyone. According to a Futuresource Living with Digital consumer survey, 70% of HBO Max subscribers in the United States already have access to Netflix. So if you subscribe to both services, or planned to do so in the future, a combined deal could ultimately work out cheaper than paying for both separately.
When could all this happen? Netflix says the deal “is expected to close in 12 to 18 months,” so don’t expect any changes overnight. But that means Netflix subscribers will likely have access to HBO Max content in late 2026 or early 2027, assuming the merger goes through.
Before then, we’ll likely get more clues and details about what exactly will happen to HBO Max. If the Disney+ and Hulu merger is to be believed, HBO Max subscribers could start receiving samples of Netflix content next year – before the two are merged into a single app when the deal closes. However, the regulatory process could still intervene here.
Is this good news or bad news?
Despite the prospect of Netflix’s price hike, analysts think the deal could, overall, be a good thing for consumers – but bad news for movie theaters.
“Ultimately, this is great news for consumers because they will be able to get much more from a single streamer rather than being forced to sign up with multiple providers. There are too many streamers for too little money,” said Paolo Pescatore of PP Foresight.
From a simplicity perspective, Peter Ingram of Ampere Analysis agrees. “If the two services are ultimately integrated, subscribers could have access to a wider range of content across Netflix’s extensive catalog combined with that of Warner Bros.” IP and studio library,” he said. “This would benefit consumers, simplify choice in an increasingly fragmented market, and reduce the need for multiple costly streaming subscriptions.”
If you’ve practiced the art of subscription hopping to keep your streaming bills manageable, perhaps there’s some truth to the idea that simplicity is a net win for streaming fans. And then, at what price? Fewer options could also be considered a bad choice.
One thing most industry insiders agree on is that the Netflix-Warner Bros. merger. Discovery would be a bad thing for theaters and cinemas.
Calling the merger an “unprecedented threat” to the global cinema sector, Michael O’Leary (chief executive of trade organization Cinema United) told the BBC: “The negative impact of this acquisition will impact cinemas from the largest circuits to small-town independent cinemas in the US and around the world,” he said.
The European professional body representing cinema operators has gone further. Laura Houlgatte (CEO of UNIC) told PK Press Club: “This deal represents a double risk. If a studio disappears, it will inevitably mean that cinemas will have fewer films to show for their audiences, leading to lower revenues, significant cinema closures and job losses in the industry.”
“Both in its words and actions, Netflix has made it clear time and time again that it does not believe in movie theaters and their business model. Netflix has only released a handful of titles in theaters, usually to chase awards, and only for a very short period of time, denying theater exhibitors a fair window of exclusivity,” she added.
What did Netflix say? In its statement regarding the deal, the streaming giant said it “expects to maintain Warner Bros. current operations and build on its strengths, including theatrical releases of films,” the word “expects” to do a lot of work there.
For now, don’t expect much change. “Right now, you have to rely on anything that is scheduled to go to theaters through Warner Bros. will continue to go to theaters through Warner Brothers,” the Netflix co-CEO told analysts.
But it’s clear that big changes for streaming and cinemas are coming – and the exact nature of those changes will become very clear in 2026.
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