Netflix’s $72 billion Warner Bros deal could reshape AAA gaming

A $72 billion studio deal that also hands Netflix a full-blown AAA games publisher

Netflix has agreed to buy the studio and streaming division of Warner Bros. Discovery in a cash-and-stock deal worth around $72 billion. If it clears regulators, the acquisition would close between late 2026 and early 2027 and give Netflix control of Warner Bros.’ film and TV studios, HBO and Max – plus the company’s entire video game division.

That last part matters for players: Warner Bros. Games is part of the package. The game division – including studios like NetherRealm (Mortal Kombat), Avalanche Software (Hogwarts Legacy), and TT Games (LEGO titles) – would move under Netflix if the deal goes through. Overnight, Netflix would go from a mobile-focused newcomer to an AAA publisher with major console and PC franchises, building on moves like bringing Red Dead Redemption to iOS and Android via Netflix Games.

From mobile titles to potential AAA projects, Netflix’s catalogue is set to expand even further if the Warner Bros. deal closes.

On paper, this opens the door to tighter crossovers between shows and games. Netflix could commission projects that span its film, series, and gaming arms, launching them through both subscription and traditional storefronts. It also raises questions about physical releases, PC storefront support, and long-term live service plans for existing WB titles once the ink is dry.

Regulators in the US and Europe are already circling. The merger would combine the world’s biggest subscription streaming service with one of Hollywood’s largest studios and a major third-party publisher. Industry groups are warning about job cuts, fewer competing platforms, and rising prices – concerns that echo the wider consolidation stories we’ve seen across the industry, including Microsoft’s post-Activision layoffs across its games division. However it plays out, the Netflix–Warner deal is already one of the biggest stories in entertainment and AAA gaming heading into 2026.