Netflix’s $72bn move to acquire Warner Brothers Discovery’s film and streaming businesses has set off tremors across global media. The planned takeover — which includes HBO, Warner Bros’ storied film studio, and international sports network TNT Sports — marks one of the most consequential shifts in the modern entertainment industry.
The deal has triggered strong pushback from US lawmakers and Hollywood guilds, who warn that the merger would create a media behemoth with outsized control over the streaming market.
Democratic senator Elizabeth Warren called the tie-up “an anti-monopoly nightmare”, arguing it could lead to higher prices and fewer choices for viewers. Representative Pramila Jayapal echoed the criticism, saying the deal meant “more price hikes, ads and cookie-cutter content” while undermining creative freedom and worker pay.
Industry bodies have voiced alarm. The Directors Guild of America said the takeover raised “significant concerns” and requested urgent talks with Netflix. The Writers Guild of America went further, urging regulators to block the merger, arguing it would destroy jobs, depress wages and shrink the diversity of content. “This is exactly what antitrust laws were designed to prevent,” the guild said.
The acquisition would give Netflix control over major Warner Bros franchises including Harry Potter, Game of Thrones, Superman and The White Lotus. Director James Cameron warned earlier this week that the consolidation “would be a disaster”.
Here are five key highlights of the deal:
1. Netflix cements its power as Hollywood’s dominant force
Already the world’s largest streaming service with more than 30 crore subscribers, Netflix is set to become even more formidable. Adding HBO’s 12 crore-strong subscriber base and Warner Bros’ century-old catalogue would further extend its reach. Analysts say this would give Netflix unparalleled scale in content volume, production capability and brand strength.
2. What this means for prices: a mixed picture
Netflix expects the deal to close in 12 to 18 months, but how the company plans to integrate HBO and other assets remains unclear. Executives have hinted that the HBO brand is “very powerful”, signalling it is unlikely to vanish. The combined library could lead to new tiered bundles or co-branded services. Netflix’s dominance may give it room to push up prices. For now, pricing strategy is one of the great unknowns.
3. Hollywood’s future
The takeover underscores the decline of traditional Hollywood and the rise of an all-streaming future. Warner Bros, once the quintessential studio behind classics like Casablanca and Gone with the Wind, now finds itself absorbed into a streaming-first empire. Creators and filmmakers fear this could accelerate job losses, cinema declines and AI disruption.
4. Regulatory and competitive hurdles
Before the acquisition can close, Warner Brothers Discovery must spin off CNN, Discovery and Eurosport. Rival bidder Paramount Skydance may also try to rally shareholders for another offer. But the biggest barrier is regulatory approval in the US and Europe. Lawmakers have already raised concerns about consumer choice, pricing power and competition.
5. The Trump factor
The Trump administration’s stance could heavily influence the outcome. Though generally supportive of lighter regulation, Trump has close ties to the rival Skydance camp. A senior US official has already signalled “heavy scepticism” about Netflix’s bid.