How Netflix Acquiring Warner Bros. Could Impact the DC Universe

Netflix is preparing to acquire Warner Bros. film and television studios in a deal valued at roughly $83 billion. If regulators approve, the acquisition is expected to finalize in the third quarter of 2026. While this marks a transformative moment for Hollywood, this article focuses specifically on how the DC Universe could be affected.

James Gunn and Peter Safran have been building a new cinematic universe separate from the former DC Extended Universe led by Zack Snyder. Their efforts began with the animated series Creature Commandos on HBO Max and expanded with Gunn's recent Superman feature.

Assuming Netflix completes the acquisition, upcoming DC films such as Supergirl, Man of Tomorrow, and The Batman II are likely to follow their original theatrical release schedules due to existing contractual obligations. Beyond those commitments, however, the approach could change dramatically. Reports suggest Netflix might limit theatrical windows to as short as two weeks before moving content to streaming, though some sources contest this.

Smaller DC projects may skip theaters entirely. Major franchises will probably retain a cinematic presence to generate revenue, but more obscure characters might only appear on the streaming platform. For example, a hypothetical R-rated Clayface film may never see a theatrical release under Netflix management.

Creatively, Netflix's stewardship could alter the scale of DC films. With less incentive for large-scale, blockbuster storytelling aimed at theatrical audiences, future projects may be smaller, more budget-conscious, and tailored for home viewing. Filmmakers might need to adjust storytelling techniques for viewers who are multitasking or watching casually at home.

On television, existing and upcoming HBO Max series such as The Penguin and Lanterns will likely migrate to Netflix. It remains uncertain how Netflix will position these series relative to its broader content library. In theme parks, Warner Bros. is reportedly considering licensing DC attractions to Universal, an unusual arrangement given NBCUniversal previously competed with Netflix for Warner Bros.

Regarding DC Comics as a publishing entity, it will almost certainly remain part of the deal. Separating the comics division would create complex rights issues, potentially preventing Netflix from producing new films featuring characters like Batman. Historically, Netflix has not heavily intervened in the comics they acquire, as seen with Millarworld, suggesting DC Comics may continue operating independently under Netflix ownership.

In summary, while Netflix's acquisition of Warner Bros. could reshape how DC properties are produced and distributed, core elements like DC Comics publishing and marquee film releases are likely to remain stable. Observers will need to monitor how smaller projects and streaming-first content evolve under the new ownership.

Author: Gavin Porter