James Gunn’s DC Studios Sale To Netflix Now In Trouble

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The potential deal that would have seen Netflix take over DC Studios and Warner Bros. is now in doubt. Netflix agreed to buy Warner Bros. Discovery (WBD) for $83 billion in December 2025, but Paramount Skydance is also trying to acquire Warner Bros., creating new obstacles to the deal.

A Warner Bros. Discovery shareholder, Ancora Holdings Group, which owns about $200 million in stock, plans to vote against a potential merger between DC Studios and Netflix, according to Variety.

Ancora believes the offer from Paramount is better than Netflix’s, both in terms of price and the likelihood of being approved by regulators. Several experts suggest the Department of Justice is more likely to block a merger with Netflix due to concerns about fair competition than one with Paramount Skydance.

This announcement follows Paramount’s increased offer for Warner Bros. Discovery, which now includes a promise to pay shareholders an additional $650 million each quarter if the deal falls through by the end of 2026. In short, Paramount is raising the stakes – offering more money and accepting greater financial risk – to persuade Warner Bros. Discovery shareholders to accept their bid instead of Netflix’s.

Many DC Comics fans were unhappy when Netflix announced it would be streaming their favorite heroes like Batman, Wonder Woman, and Superman, but this news might not change things. Warner Bros. Discovery has confirmed it still supports the Netflix deal, even after opposition from investor Ancora, pointing out that the vast majority of shareholders (over 93%) had already turned down a previous offer from Paramount.

It increasingly appears that Warner Bros. Discovery CEO David Zaslav is committed to finalizing a deal with Netflix, regardless of any challenges. Beyond a potential $500 million payment, reports suggest Zaslav might also continue working within Netflix in some capacity.

It’s a tricky moment for DC fans with the recent changes. Ideally, Warner Bros. wouldn’t have been sold, allowing the DC studio to keep its current team in charge. However, there’s good news: James Gunn’s DC films are still scheduled for movie theaters through 2029 thanks to existing agreements with cinemas and IMAX.

Despite recent assurances from Netflix CEO Ted Sarandos that they’ll maintain a 45-day theatrical release for Warner Bros. films, the long-term future of DC movies in cinemas remains unclear.

A key benefit for DC fans is that Netflix and Warner Bros. Discovery see their businesses as working well together. Because of this, James Gunn is likely to continue leading DC Studios if the proposed deal is finalized.

Paramount Skydance is leaning towards prioritizing theatrical releases, and a deal between them would resemble a traditional merger like Disney’s acquisition of 20th Century Fox. These large media mergers usually involve significant job cuts, but Netflix believes a purchase of Warner Bros. Discovery would result in fewer layoffs.

The most worrying possibility is Netflix acquiring Warner Bros. Discovery, which could mean future Batman movies will only be available on streaming. There isn’t a truly positive outcome here, but those who prefer seeing movies in theaters might hope more investors side with Ancora and reject Netflix’s offer.

If Netflix were to acquire Warner Bros. Discovery, it would gain access to a massive library of popular movies and TV shows, including DC Comics properties, films from Warner Bros., HBO content, the Harry Potter franchise, Game of Thrones, and much more.

As a huge movie fan, I’m really hoping some of the big names – people like Christopher Nolan or Tom Cruise – will actually say something about this deal. It would be amazing if they could lead the charge in opposing it, you know? It feels like we need someone with that kind of influence to really speak up.

Whether or not that will actually come to pass is uncertain, but this complex deal seems solid and, hopefully, won’t disrupt James Gunn’s ambitious vision for the DC Universe anytime soon.

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2026-02-12 18:05