Netflix’s proposed acquisition of Warner Bros. Discovery (WBD) including its film and TV studios and HBO Max continues to move forward but is now under intensified scrutiny from regulators, lawmakers and industry stakeholders as part of broader antitrust reviews.
The transaction, valued at about $82.7 billion, would add Warner Bros.’ extensive content library and premium programming to Netflix’s platform, significantly expanding its scale. A shareholder vote on the deal is expected as early as March 2026, following an all‑cash revision of the original offer that was unanimously supported by the Warner Bros. board.
Despite the board’s backing, the U.S. Department of Justice (DoJ) and other federal regulators have opened formal antitrust reviews to assess whether the merger could reduce competition or create excessive market power for Netflix in the entertainment and streaming sectors. These investigations extend beyond standard merger reviews to examine broader business practices, including whether Netflix’s dominance could harm competitive dynamics in content distribution and pricing.
Meanwhile, political and industry voices have weighed in on the high‑profile deal. Netflix co‑CEO Ted Sarandos recently defended the acquisition before U.S. lawmakers, arguing it could benefit viewers by combining two major content portfolios without reducing choice, though concerns remain among some lawmakers about potential price increases and reduced competition.
Not all industry figures are optimistic. Director Christopher Nolan, president of the Directors Guild of America, has expressed skepticism about Netflix’s stated commitments, particularly regarding theatrical windows and how legacy studio practices may change under the new ownership.
The proposed merger comes amid a broader shift in the streaming landscape, where traditional platforms face slowing growth and heightened competition from ad‑supported services, sports content, and free video platforms. As a result, consolidation and new strategic alliances are becoming more frequent as companies seek to deepen content libraries and subscriber reach.
If approved, the deal would combine Netflix’s global subscriber base with Warner Bros.’ storied franchises and production capabilities, reshaping Hollywood’s competitive dynamics and defining the next generation of streaming competition.
