Netflix is considering one of the most ambitious deals in the company's history: the acquisition of Warner Bros. Discovery or its gaming division. The streaming giant is showing interest in WBD's key franchises, including Hogwarts Legacy, Mortal Kombat, and Batman Arkham.
The deal would allow Netflix to strengthen its position in the interactive entertainment market after initial difficulties.
Warner Bros. Discovery has confirmed its interest in a partial or full acquisition of the company, without disclosing the names of the contenders. According to Bloomberg and CNBC, in addition to Netflix, Comcast and Paramount are also in the race, the latter offering $20 per share, which the board of directors deemed insufficient. CEO David Zaslav stated that the goal is to "unlock the full potential of the assets" and consider options for maximizing profits for shareholders.
GameSpot notes that WBD's gaming division is one of the most attractive assets. After the success of Hogwarts Legacy, the company focused on profitable franchises: a sequel to the game based on the world of Harry Potter, a new single-player Batman project from Rocksteady, a possible Game of Thrones game from WB Games Montreal. NetherRealm will continue Mortal Kombat, Traveller’s Tales announced Lego Batman: Legacy of the Dark Knight for 2026. At the same time, the Wonder Woman project was canceled, Monolith and Player First Games were closed, which reduced internal resources.
WBD management believes that the gaming division will become profitable in 2025 and support the company's growth. In this context, a possible acquisition by Netflix has strategic value: expanding the catalog of franchises and combining films, series, and games on one platform. The timing for completing the strategic review has not been set; a separation is planned by mid-2026.
