Executive Summary

In early December 2025, Netflix entered a definitive agreement to acquire the film and TV studio assets of Warner Bros. Discovery (WBD), including Warner Bros. Pictures, HBO, and HBO Max.

This reflects an SVOD industry that has matured and now seeks profitability through consolidation. If successful, Netflix would own some of the most valuable intellectual property in media history, including Harry Potter, the DC Universe (Batman, Superman), Game of Thrones, and the Friends library. 

This would solidify Netflix’s position as the “Google of Entertainment” – the default global operating system for TV and film – potentially forcing rival studios to merge just to survive.

The implications would flow into Australia and New Zealand, in the form of reduced SVOD competition and higher SVOD prices. But more importantly, Netflix’s dominance of Warner and HBO content  – which local media and cinema relies on to attract viewers – potentially threatens the sustainability of local media. This in turn threatens to further globalise our media, with predictable effects on ANZ news publishing and cultural representation.

For this reason, the Australian and New Zealand governments should echo and reinforce the US Administration’s expressed concerns about the deal. It would be bad for competition in any market, but particularly bad for smaller markets like Australia and New Zealand where local media lack the scale of Netflix’s US rivals.