Netflix is reportedly exploring one of the most ambitious moves in its history: the purchase of Warner Bros. Discovery or, alternatively, its gaming arm. The streaming powerhouse is said to be eyeing key WBD properties, including Hogwarts Legacy, Mortal Kombat and the Batman: Arkham franchise.
Such a deal would strengthen Netflix’s footing in interactive entertainment after an uneven start.
Warner Bros. Discovery has confirmed it is open to a partial or full sale of assets but did not disclose potential buyers. Bloomberg and CNBC report that Comcast and Paramount are among other suitors; Paramount reportedly offered $20 per share, a figure the board considered insufficient. CEO David Zaslav said the aim is to “unlock the full potential of the assets” and to evaluate ways to maximize returns for shareholders.
GameSpot highlights WBD’s games division as one of its most attractive holdings. Following the breakout success of Hogwarts Legacy, the company has focused on revenue-driving franchises: a sequel set in the Harry Potter universe, a new single-player Batman project from Rocksteady, and a possible Game of Thrones title from WB Games Montreal. NetherRealm is set to continue the Mortal Kombat series, and Traveller’s Tales has announced Lego Batman: Legacy of the Dark Knight for 2026. At the same time, a Wonder Woman project was canceled and studios Monolith and Player First Games were closed, reducing internal development capacity.
WBD leadership expects the games unit to become profitable in 2025 and to support broader company growth. In this context, a Netflix acquisition would carry strategic value: expanding franchise depth and uniting films, series and games within a single platform. No firm deadline has been set for the strategic review; a split is targeted for mid-2026.
Source: iXBT.games