What Netflix Buying Warner Bros. Could Mean For The DC Universe

As you've likely heard by now, Netflix is set to purchase the Warner Bros. film and TV studios for approximately $83 billion. Assuming the deal receives the necessary regulatory approvals, the transaction should close sometime in the third quarter of 2026. This is a historic acquisition with foundation-shaking implications for the entire ecosystem of Hollywood, but for the purposes of this article, we're going to narrow the aperture and just focus on what this deal might mean for the future of the DC Universe.

Writer/director James Gunn and producer Peter Safran have spent the past few years developing a brand new cinematic universe that's distinct from the now-defunct DC Extended Universe spearheaded by "Man of Steel" filmmaker Zack Snyder. Their new endeavor technically kicked off with the animated series "Creature Commandos" on HBO Max, but it was taken to new heights with Gunn's "Superman" movie earlier this year.

Let's assume this Netflix deal goes through and assess some likely outcomes for what that means for future DC projects. Expect DC films like "Supergirl," "Man of Tomorrow," and "The Batman II" to be released as normal, since Netflix will have to adhere to the existing contracts that almost certainly stipulate those movies will receive a robust theatrical release. But once Netflix burns through the obligations and starts making its own DC Universe films, all bets are off. Variety is reporting that "Netflix's current proposal for Warner Bros. would have a theatrical window as thin as two weeks of exclusivity before moving to streaming," while another source "flatly denied this, saying the periods would be longer."

This could mean that some DC Universe movies won't receive theatrical releases at all. I expect films centering the marquee, globally recognized characters will still be put in theaters so Netflix can make some money here and there, but I can't imagine the company devoting the resources for a theatrical release to smaller DC movies that feature more obscure characters. (I'm guessing that R-rated "Clayface" movie would not see the inside of a theater if it was greenlit under the incoming regime.)

From a creative standpoint, what types of movies would a Netflix-owned DC be interested in making? This Netflix/WB deal will likely decimate the theatrical business in the United States, and without the incentive to engage in bold, operatic, larger-than-life storytelling that inspired people to leave their homes to see on the big screen, will the new DC even be able to greenlight those types of projects anymore? Will every new DC Universe property be less ambitious, cheaper, and on a much smaller scale than what we've seen before, because Netflix knows that most people, even more than before, will now just wait to watch these movies at home? And will future DC properties feature the characters restating the plot beats over and over again, so distracted viewers who are "second screening" the film or folding laundry while watching can follow the story? 

On the TV side of things, it seems inevitable that current and upcoming HBO Max shows like "The Penguin" and "Lanterns" will be swallowed up by Netflix, but it's unclear at this stage if or how Netflix plan to differentiate the HBO projects from the rest of the "content" on the streaming service. And in terms of theme parks, Bloomberg says WB is exploring licensing some DC rides to Universal theme parks. (If that ends up actually happening, it will be very odd, if for no other reason than NBCUniversal was competing with Netflix to buy WB.)

DC Comics, as a publisher, has been a part of every Warner Bros. merger, so let's assume it'll be a part of this one, too. (Spinning that component of the business off into a separate entity would create a rights nightmare that would make intellectual property lawyers' heads spin. If DC was split off from WB, Netflix probably wouldn't have the right to make new Batman movies, for example.)

This is just informed speculation, but DC Comics readers probably won't have a lot to worry about in terms of Netflix interfering with the way that corner of the company is operated (assuming the deal goes through). Historically, Netflix has not shown much interest in the comics business, and in the few instances where it has, the streamer has largely remained hands-off. Netflix bought comic writer and screenwriter Mark Millar's Millarworld publishing company in 2017, with the intention of adapting many of Millar's comics in TV shows and movies for the streaming platform. Some were made ("Jupiter's Legacy"), some weren't ("Empress"), but the company continued to be involved with publishing new comics like "The Magic Order" and "Big Game."

I imagine Netflix's co-CEOs, Ted Sarandos and Greg Peters, will have much bigger fish to fry when the WB assets come into their control, so the most likely outcome seems to be that they'd continue to let DC Comics run as its own entity and not meddle too much in the day-to-day operations there.

We'll continue to chronicle this industry-rattling deal on /Film, so stay tuned.