After months on the market, Warner Bros. Discovery has reached an agreement to sell Warner Bros. to Netflix, beating rival bidders such as Paramount and Comcast. The transaction — a mix of cash and stock — values the studio at roughly $82.7 million. As part of the arrangement, Discovery Global will be spun off into an independent company before the closing.

Crucially, the deal includes Warner Bros. Games, the publisher that oversees numerous high-profile studios and franchises. Although initial statements highlighted only television properties like Squid Game and Game of Thrones, reporting from Game Developer confirms Netflix will also acquire Warner Bros.’ game publishing arm. That clarification followed remarks made on a corporate conference call that briefly showcased the Mortal Kombat logo on a business overview slide.

Notable franchises and studios now headed to Netflix

Among the properties that move with the acquisition are major series and developers: NetherRealm Studios (Mortal Kombat), Avalanche (Hogwarts Legacy), Rocksteady (the Arkham games), TT Games (the LEGO-licensed titles), and WB Montréal, which worked on Gotham Knights and related projects. These teams and IPs would give Netflix an expansive foothold in console and AAA development.

Netflix has steadily expanded into games over the past few years — bundling mobile titles with subscriptions, publishing ports of established hits, and purchasing studios such as Night School Studios. The company has also partnered with developers like Don’t Nod on adaptations of major intellectual properties. Adding seasoned console studios to its roster could accelerate Netflix’s ambitions in premium game development.

The transaction is expected to take time: closing processes of this magnitude typically run 12–18 months and can be delayed by regulatory review. Antitrust scrutiny is a realistic possibility given the size and scope of the deal. Observers often compare such megamergers to Microsoft’s acquisition of Activision Blizzard, a complex, litigious process that ultimately completed but produced significant downstream changes across staff levels, studio lineups, and consumer offerings.

Games likely to fall under Netflix’s control include Hogwarts Legacy, Mortal Kombat, and multiple Batman/Arkham titles — a major expansion of the streamer’s interactive portfolio.