A bombshell announcement has sent shockwaves through the entertainment industry, with Netflix Inc. reportedly moving to acquire Warner Bros. Discovery. This massive deal, valued at an estimated $82.7 billion, would see Netflix taking over iconic properties including Warner Bros.' film and television studios, HBO, and HBO Max. For fans eagerly awaiting the Harry Potter TV series, currently in production as an HBO Original, this news sparks significant questions about its future platform and distribution.
The press release, dated December 5, 2025, details a cash and stock transaction where Netflix would gain control of Warner Bros.' vast library. Netflix co-CEO Ted Sarandos highlighted the Harry Potter franchise specifically when discussing the combined offerings. He stated, “By combining Warner Bros.’ incredible library of shows and movies—from timeless classics like Casablanca and Citizen Kane to modern favorites like Harry Potter and Friends—with our culture-defining titles like Stranger Things, KPop Demon Hunters and Squid Game, we'll be able to do that even better.”
Greg Peters, also co-CEO of Netflix, echoed this sentiment, adding, “Warner Bros. has helped define entertainment for more than a century and continues to do so with phenomenal creative executives and production capabilities. With our global reach and proven business model, we can introduce a broader audience to the worlds they create—giving our members more options, attracting more fans to our best-in-class streaming service, strengthening the entire entertainment industry and creating more value for shareholders.” David Zaslav, President and CEO of Warner Bros. Discovery, also spoke positively of the proposed merger, saying, “By coming together with Netflix, we will ensure people everywhere will continue to enjoy the world’s most resonant stories for generations to come.”
The acquisition is expected to close in 12-18 months, following the separation of WBD’s Global Networks division into a new public company, anticipated for Q3 2026. This timeline means that while the Harry Potter series is currently being produced for HBO and is slated for an early 2027 release, it could potentially launch under Netflix's ownership or even stream on Netflix instead of HBO Max once the deal is complete.
Netflix’s official statements suggest they would “maintain Warner Bros.’ current operations and build on its strengths, including theatrical releases for films.” However, the details for the future of the new Harry Potter television adaptation, which has already begun filming, remain to be seen under this new potential ownership structure.