Netflix’s bid to do an $82.7 billion deal for Warner Bros. would give the streamer control of one of Hollywood’s richest libraries, from HBO and Warner Bros. Pictures to film and TV IP that is a century old. The deal has yet to be approved by the United States Securities and Exchange Commission, but if it is completed, then Netflix would instantaneously acquire several big global franchises for a platform that already has access to north of 250 million subscribers worldwide.
Behind the headline valuation is the strategic value lying in five crown-jewel properties. Each would assist Netflix in rebalancing away from theatrical tentpoles and prestige TV toward kids and family and evergreen catalog — all while raising questions about release windows, licensing and the extent to which Netflix has already gone to maximize IP across streaming (its home turf), theaters, games and consumer products.
The Wizarding World of Harry Potter Franchise
That would add all eight of the Harry Potter films, the planned Fantastic Beasts trilogy and an HBO Harry Potter TV series scheduled for some time in the second half of this decade. The Wizarding World remains one of Hollywood’s top moneymakers today; the movies have grossed some $9.5 billion worldwide, according to Box Office Mojo, and continue to draw fans across publishing, games, merchandise and more.
The series also raises thorny stewardship issues. The TV remake has been mired in controversy over whether J.K. Rowling had her say or not at the time of casting. Netflix would get those optics to own, as well as contend with third-party deals for such things as theme parks, games and the like, where existing licenses (see: Universal rides) would stay in place according to current contracts.
DC’s Expanding Universe and Upcoming Projects
With DC, Netflix would have a full-spectrum superhero machine: ageless movies like The Dark Knight trilogy; animated mainstays like Batman: The Animated Series and Teen Titans; and newer series like Peacemaker. Netflix would get instant tentpole ballast against Disney’s Marvel slate; DC’s box office track record is formidable, and the pre-reboot DCEU alone took in around $6.7 billion worldwide.
The bigger swing lies ahead. With James Gunn and Peter Safran, the unified DC Universe is developing Superman and Supergirl movies, along with series like Lanterns. Netflix’s release playbook — binge drops, weekly episodes and selective theatrical runs — will also be put to the test as it balances sustained cultural momentum against immediate streaming spikes.
Westeros and the Game of Thrones Universe as We Know It
Game of Thrones, House of the Dragon and the in-the-works A Knight of the Seven Kingdoms would make Netflix home to modern prestige fantasy’s largest brand. Thrones’ 59 Emmy wins and reportedly the 10+ million viewers it scored for House of the Dragon’s premiere underscore staying power that drives both subscriber acquisition (thanks to new programs, in this case) and high completion rates.
Crucially, Westeros is still expanding. Developing projects run the gamut from Aegon’s conquest to Nymeria’s adventures. With Netflix’s worldwide footprint and robust dubbing/localization pipeline to potentially enlarge the international audience, such shows could maintain HBO quality as we know it — where cost effectiveness is balanced scrupulously against creative freedom.
The Monsterverse Franchise and Release Strategy
Netflix would also receive the Monsterverse franchise, which includes Godzilla vs. Kong and Godzilla x Kong: The New Empire. The franchise has raked in more than $2.5 billion globally, evidence that kaiju spectacle is a trusted crowd-pleaser. The strategic question: Will Netflix keep longer theatrical windows that juice box office or side with shorter windows to make streaming more of a thing sooner?
Rights here are complicated — Legendary co-produces, and Toho owns Godzilla — so more films will depend on partner deals. But Netflix’s event-movie marketing, along with downstream games and consumer products, might stretch out the life of each release long past its opening weekend.
Looney Tunes, Cartoon Network and Adult Swim Libraries
The purchase would bring the full Cartoon Network and Adult Swim vault — including Looney Tunes, Tom and Jerry, Scooby-Doo and adult animation titans like Rick and Morty. That gives Netflix a strong kids-and-family pipeline and late-night animation bench in one fell swoop. On Nielsen’s streaming rankings, kids programming has consistently represented a large double-digit percentage of overall minutes, a foundation for daily engagement.
It is also an opportunity to reset stewardship. Trade outlets reported that the completed Looney Tunes feature Coyote vs. Acme was thrown out for tax reasons, and classic shorts cycled off of the previous owner’s platform only to pick up new momentum on free streaming. Netflix could give it some consistency back too, with curated hubs, shorts-first discovery and a hybrid AVOD/SVOD play that keeps its iconic animation visible and monetized.
Were it to be approved, this deal would remake Netflix from a hit-based business into an IP-generating studio across generations. The metrics of success won’t just be subscriber bumps — they will be recorded in release-window discipline, franchise world-building and the confidence to let creators make shows that feel premium even as they hit global scale. That’s the distinction between owning big brands and really growing them.
