By Chris Snellgrove
| Published
Yesterday, Netflix confirmed something that would have once seemed unthinkable: the streaming giant has reached a “definitive agreement” to buy Warner Bros. (more specifically, the film and TV studios) for a staggering sum of $83 billion. There are many miles to go before any such deal can be finalized, but audiences everywhere are wondering how this will affect major WB franchises ranging from Harry Potter to the DCU. Those fans may have little to worry about, though: according to one compelling conspiracy theory, Netflix made its huge bid simply to keep Paramount from buying Warner Bros. and may not ultimately end up buying the film studio.
If you didn’t already know, Paramount was Netflix’s chief rival during these negotiations, and the studio hoped to acquire Warner Bros. and its juicy, juicy content library for themselves. Paramount had previously bid $60 billion, but the offer was declined; since then, Paramount has reportedly accused WB of favoring Netflix during this sale process and will likely take legal action. Interestingly, the federal government might even intervene, especially since Variety reports that a group of prominent directors has reached out to Congress and asked them to closely examine Netflix’s potential breach of existing antitrust laws.
A Conspiracy Is Born
Why, though, do a growing number of rivals think that Netflix is trying to buy Warner Bros. just to screw over Paramount, developers of the rival streaming service Paramount+? The primary reason is that whoever successfully buys the WB will gain access to an extensive content library featuring some of the most recognizable franchises in the world, including Harry Potter, The Lord of the Rings, Game of Thrones, and the DCU. If Paramount had won, they would have a library that could threaten Netflix, but Netflix adding the WB’s content to its own extensive library will cement them as the biggest and most popular streamer.
Additionally, Paramount just completed a high-profile merger with Skydance, and they have expressed that they will stop trying to produce artsy, Oscar-worthy films in favor of whatever appeals to the most people. Buying Warner Bros. right now would help Paramount meet its short-term goal by giving it countless high-profile IPs that it can develop into sequels, prequels, reboots, and spinoffs. It would also meet Paramount’s long-term goals of becoming more competitive in theaters and in streaming.
Defeating Paramount, Once And For All
Netflix’s acquisition of Warner Bros. would prevent Paramount from achieving any of those goals, while also enabling the original streamer to develop new shows and movies, and avoid subscriber turnover due to a significant influx of new content. Why, then, do some online conspiracy theorists think that Netflix may not ultimately care whether they are able to purchase the WB? In addition to the fact that the federal government may shut down the sale (keeping Netflix from having a borderline monopoly), the blunt truth is that Netflix wins even if they simply delay Paramount for the years that a high-profile court case will take to resolve
Simply put, Netflix is already the most powerful streaming service in the world, having grown from 21.5 million subscribers in 2011 to 300 million subscribers in 2024. By comparison, Paramount+ will be lucky to hit 80 million subscribers in 2025. At this rate, Paramount is never going to catch up with their rival, and the only thing that could help them come close would be gaining access to Warner Bros.’ vast content library and collection of big-time intellectual properties.
Will Paramount Implode On Its Own?
As of this writing, Netflix has successfully kept this from happening, and even if (more like when) they end up in court over this matter, that will be another few years that Paramount can’t have this content they desperately need. By the time everything resolves, Netflix will have improved its lead so much that even Paramount buying WB won’t help them come out on top. Furthermore, there’s a nonzero chance that Paramount will implode on its own in the next few years thanks to controversial decisions like throwing out established Star Trek lore in favor of yet another reboot.
Only time will tell if Netflix manages to close this deal or if everything from bad negotiations to federal intervention keeps it from happening. However things shake out, though, the veteran streamer has successfully screwed over Paramount, the one studio that was in danger of outbidding them to buy Warner Bros. That may buy Netflix all the time it needs to secure itself as the dominant streaming service, even as it potentially destroys the entire movie theater industry as we know it.
