Hollywood executives spent decades mocking Netflix's ambitions. Now, the streaming giant will own Harry Potter, the DC Comics extended universe, and HBO in one historic mega-deal.

Netflix’s recent acquisition of Warner Bros Discovery has sent shockwaves through Hollywood, sparking a wave of mixed reactions—and, for many, deep concern.

Netflix outbid media conglomerates Paramount and Comcast in a bidding war that began after Warner Bros. Discovery announced in June that it would split into two companies in mid-2026.