What was once positioned as a deal for the future of DC Studios is now facing uncertainty, as Netflix's proposed acquisition of Warner Bros. has run into trouble. Netflix struck an $83 billion deal to acquire Warner Bros. Discovery (WBD) in December 2025, including James Gunn's DC Studios. As Paramount Skydance is still fighting for a chance to buy the home of Batman, a new speed bump has arisen.
A new voice in this potential merger is against DC Studios (owned by WBD) being bought by Netflix. Per Variety, Ancora Holdings Group, a Warner Bros. Discovery shareholder with roughly a $200 million stake, has announced it will vote "NO" on the Netflix merger.
Ancora argues the Netflix deal offers inferior value and carries higher regulatory risk, while Paramount's offer is higher and more certain. Many analysts have said that Netflix's bid carries a greater risk (than Paramount Skydance) of the Department of Justice blocking the merger due to antitrust laws.
This update comes one day after Paramount sweetened its bid for WBD by pledging to pay shareholders an extra $650 million per quarter if the takeover isn't completed by the end of 2026. Essentially, Paramount is offering more money and taking on more risk to convince WBD shareholders to choose them over Netflix.
DC fans may be excited to hear this news, seeing Netflix as a terrible place for heroes like Batman, Wonder Woman, and Superman to end up, but it may not mean much. Despite Ancora's opposition, WBD reaffirmed its support for the Netflix deal, noting that over 93% of shareholders previously rejected Paramount's proposal.
In many ways, it seems like no matter what comes his way, WBD CEO David Zaslav is locked into completing the deal with Netflix. On top of a half-billion-dollar payout, it's rumored Zaslav could retain a position within Netflix's umbrella.
For fans of the new DCU, it's a conflicting time. In a perfect world, Warner Bros. would not be sold, and the smaller DC studio could continue operating under its current leadership. Luckily, Gunn's DC movies are contractually guaranteed to remain theatrical releases through at least 2029 due to existing exhibitor and IMAX deals.
After that, however, DC's long-term future on the big screen is uncertain, despite Netflix CEO Ted Sarandos recently saying they will keep a 45-day theatrical window for WB films.
The main positive for DC fans is that Netflix and Warner Bros. Discovery have what they call "complementary businesses," meaning Gunn is expected to retain his role as co-head of DC Studios if the deal goes through.
While theatrical will be more of a focus at Paramount Skydance, that deal would result in a more typical merger, a la Disney acquiring 20th Century Fox. In these types of massive media mergers, there are thousands of layoffs, which Netflix argues won't happen (as many) if it buys WBD.
The worst-case scenario is that Netflix buys WBD, and the future of Batman films is on streaming. There is no best-case scenario in this situation, but fans who care most about theatrical might hope that more shareholders join Ancora in voting against the Netflix bid.
If Netflix were to succeed, it would gain control of one of the world's largest collections of entertainment IP: DC, WB Films, HBO, Harry Potter, Game of Thrones, and more.
Some hope that top talent in Hollywood, the likes of Christopher Nolan or Tom Cruise, will speak out against this deal, spearheading a movement against it.
It remains to be seen if anything like that will happen, but this complicated business agreement isn't going anywhere and hopefully won't impact (any time soon) Gunn's huge plans for the future of the DCU.
