What Netflix's acquisition of Warner Bros. means for the movies
[December 06, 2025]
By LINDSEY BAHR
Netflix’s deal to acquire Warner Bros., one of Hollywood’s oldest movie
studios, poses seismic shifts to the entertainment industry and the
future of moviegoing.
As one of the remaining “big five” studios, the 102-year-old Warner
Bros. is an essential part of movie theater business.
The studio currently boasts three of the top five earning films
domestically, including “A Minecraft Movie,” in first place, “Superman”
and “Sinners,” as well as the Oscar frontrunner, “One Battle After
Another.”
There are more questions than answers about how ownership from a
streaming giant would change things for Warner Bros. It’s not even clear
if it will pass antitrust scrutiny, or, if it does, what the details
will look like.
Here are some things to know, and lingering questions, in the wake of
the news.
Will Warner Bros. continue releasing movies in theaters?
Yes, but it might change as well. For starters, it’ll be at least 12 to
18 months before the deal officially goes through and moviegoers can
expect essentially business as usual until then. Netflix co-CEO Ted
Sarandos said Friday that they will “continue to support” a “life cycle
that starts in the movie theater” for Warner Bros. movies. But he also
commented that he doesn’t think that “long exclusive windows” are
consumer friendly.
With the rise of streaming, and especially in the pandemic era, studios
experimented with different theatrical windows. For many years, a 90-day
theatrical window was standard, but now it’s closer to 45 days and often
a film-by-film decision.
Netflix and movie theaters
Netflix does release some films theatrically, but not usually more than
a few weeks before they hit streaming. Sometimes that’s to qualify for
awards eligibility, sometimes it’s a gesture to top filmmakers. This
year those releases included Guillermo del Toro’s “Frankenstein,”
Kathryn Bigelow’s “A House of Dynamite” and Noah Baumbach’s “Jay Kelly.”
Major chains like AMC and Regal had refused to program Netflix releases
until 2022, when enthusiasm for the “Knives Out” movie “Glass Onion”
helped break the stalemate.
Earlier this year, “KPop Demon Hunters” unofficially topped the box
office charts, earning nearly $20 million from a one-weekend run in
theaters two full months after it debuted on the streamer.
Netflix also owns and operates several movie theaters, including the
Paris Theater in New York and the Egyptian Theatre in Los Angeles.
Upcoming Warner Bros. movies
The studio has a diverse slate of films expected in 2026, with high
profile titles including the Margot Robbie-led “Wuthering Heights” in
February, “Supergirl” in June, “Practical Magic 2” in September,
Alejandro Iñárritu’s untitled Tom Cruise movie in October and Denis
Villeneuve’s “Dune: Part Three” in December.
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The water tower at the Warner Bros. Studios lot appears on Aug. 23,
2016, in Los Angeles. (Photo by Chris Pizzello/Invision/AP, File)
 Movies planned for 2027 include
sequels to “Superman,” “A Minecraft Movie” and “The Batman.”
Earlier this year the company said its target was 12 to 14 releases
annually across its four main labels, Warner Bros. Pictures, DC
Studios, New Line Cinema and Warner Bros. animation.
What does it mean for movie theaters?
So much of this depends on the details, but Cinema United president
and CEO Michael O’Leary said hours before the news broke that it
posed “an unprecedented threat to the global exhibition business.”
He added: “Regulators must look closely at the specifics of this
proposed transaction and understand the negative impact it will have
on consumers, exhibition and the entertainment industry.”
Theatrical exhibition has not fully recovered since the pandemic.
Before 2020, the annual domestic box office regularly surpassed $11
billion. Since then it has only surpassed $9 billion once, in 2023,
driven largely by “Barbie,” a Warner Bros. release.
How will top filmmakers react?
It’s too early to tell, but Warner Bros. has always prided itself on
being one of the premier homes for top filmmakers, this year
releasing films from Paul Thomas Anderson, Ryan Coogler and James
Gunn. Other longstanding relationships include Villeneuve, who has
“Dune: Part Three” coming next year, Clint Eastwood and Todd
Phillips. Much likely depends on whether robust theatrical releases
will be honored — many of these filmmakers are vocal champions of
the theatrical experience and may not stick around if it shifts.
The studio’s controversial decision to release films simultaneously
in theaters and on HBO Max in 2021 during the pandemic led to a rift
with Christopher Nolan, who after making eight major films with the
company, including the “Dark Knight” trilogy, partnered with
Universal to make his next two films, “Oppenheimer” and next year’s
“The Odyssey.”
Will HBO Max and Netflix become one service?
That’s also unclear. If the two platforms remain separate
subscriptions, there may be “bundling” options, as with Disney and
Hulu. Netflix on Friday said that the addition of HBO and HBO Max
programming will give its members “even more high-quality titles
from which to choose” and “optimize its plans for consumers.”
The Warner Bros. library of films includes classics like
“Casablanca” and “Citizen Kane” as well as the “Harry Potter”
movies.
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