The short version

  • Netflix agreed to acquire Warner Bros. Discovery for $82.7 billion in December 2025 — deal now amended to all-cash
  • Would bring Rocksteady, NetherRealm, TT Games, Avalanche Software, and WB Games Montréal under Netflix ownership
  • Expected to close Q3 2026, pending DOJ and EU Commission review
  • Paramount’s competing bid for Warner Bros. Discovery (Feb 2026) adds real uncertainty it closes as planned
  • Netflix already has a growing game-adaptation slate — BioShock, Gears of War, and a just-renewed Splinter Cell: Deathwatch

Netflix agreed to acquire Warner Bros. Discovery for $82.7 billion back in December 2025 — and buried in that deal is Warner Bros. Games, whose studios include some of the biggest names in the industry.

Which studios are actually in this deal

If it closes, Netflix would own Rocksteady Studios (Batman: Arkham, Suicide Squad: Kill the Justice League), NetherRealm Studios (Mortal Kombat, Injustice), TT Games (the Lego game series), Avalanche Software (Hogwarts Legacy), and WB Games Montréal.

Where the deal actually stands

In January 2026, Netflix and Warner Bros. Discovery amended the agreement to an all-cash transaction. Netflix has filed the required Hart-Scott-Rodino paperwork and is in discussions with both the U.S. Department of Justice and the European Commission. Closing is expected in Q3 2026 — roughly 12 to 18 months after the original announcement.

It’s not a sure thing yet, though: Paramount submitted a revised competing bid for Warner Bros. Discovery in February 2026 after getting a waiver to engage with WBD directly, which introduces real uncertainty about whether Netflix’s deal goes through as originally structured.

Why a streaming company buying game studios matters

Netflix has been building out a video-game-adaptation slate for a while — BioShock and Gears of War films are both still in development, and its Splinter Cell: Deathwatch anime got renewed for a second season the day after release. Owning the studios behind Mortal Kombat, Batman: Arkham, and Hogwarts Legacy outright — rather than just licensing adaptation rights — would be a meaningfully different level of control over some of gaming’s biggest franchises, for better or worse depending on how hands-on Netflix turns out to be with the studios themselves.

Why it matters

This is one of the largest media acquisitions in recent memory, and the gaming side of it has gotten less attention than the HBO/DC side — but if it closes as planned, a streaming service will directly own several of the industry’s most well-regarded studios. Worth watching closely through Q3.

Sources: Game Informer — Netflix acquiring Warner Bros. and its games division, Video Games Chronicle — Netflix agrees to buy Warner Bros., Stevivor — Netflix to acquire Warner Bros., including NetherRealm and Rocksteady, Game Developer — Yes, Netflix is acquiring Warner Bros. Games