The deal could reduce competition and give Netflix more power over prices and content. While it may increase efficiency and investment, governments in the US and Europe may step in due to monopoly and media influence concerns.

In early December 2025, Netflix unveiled a blockbuster proposal to acquire Warner Bros. Discovery’s studios and streaming operations in a deal valued at roughly $82.7 billion, combining the world’s largest paid streaming platform with one of Hollywood’s most storied content producers. If completed, the transaction would add iconic franchises — from Batman and Harry Potter to Game of Thrones — along with HBO/HBO Max’s extensive content library, to Netflix’s existing catalog.

Supporters of the acquisition argue the combination could streamline content production, accelerate investment in new programming and technology, and generate cost efficiencies by unifying two major players in an industry facing slowing subscriber growth and rising content costs. Netflix officials have publicly touted these potential benefits and highlighted that the merged entity could provide “more value” to its 300 million subscribers through expanded offerings and integrated distribution.

However, the deal has triggered intense competition and regulatory scrutiny on both sides of the Atlantic. Critics warn that the merger would significantly reduce competition in an already concentrated streaming market, increasing Netflix’s leverage over pricing strategies and the availability of popular content. Recent analysis shows Netflix already leads the global subscription video-on-demand (SVOD) market by a wide margin, and absorbing HBO Max — historically a top five service — would deepen its market dominance.