Netflix is reportedly considering placing a bid to buy Warner Bros

Fresh off taking control of Paramount last month, David Ellison apparently has even bigger ambitions. According to the Wall Street Journal, Ellison is now eyeing Warner Bros. Discovery—the parent company of HBO, CNN, and Warner Bros. Pictures.

Sources say Ellison is considering a cash-heavy bid that would merge two of Hollywood’s most powerful studios and two of its most influential media brands. The idea alone is staggering.

But here’s the reality check: Warner Bros. Discovery is in the middle of a complicated restructuring, splitting off its cable networks from its streaming and studio operations. The company is burdened with $35 billion in debt and currently valued at $41 billion. Convincing its board and shareholders to sell now, rather than waiting to see how the split plays out, feels… optimistic.

And yet, somehow, this story keeps escalating. Puck News is now reporting that Netflix, of all companies, is weighing a potential bid for Warner Bros.’ assets. Not long ago, such a scenario seemed far-fetched, but industry chatter has been growing louder, and eyebrows were raised when Netflix co-CEO Ted Sarandos was spotted alongside David Zaslav at the Crawford–Álvarez fight in Las Vegas.

If Netflix were to take control of Warner Bros., the consequences for the film industry would be grim. Unless, of course, Netflix used Warner Bros. as a theatrical release arm—which they won’t. Their end goal is to eradicate theatrical. More likely, Warner Bros.’ film legacy would be absorbed into Netflix’s streaming-first strategy.

Imagine Christopher Nolan’s films—once synonymous with the theatrical experience—locked inside Netflix’s library. Imagine the DC Universe, reduced to streaming content. This isn’t just consolidation—it’s the slow erosion of the film industry as we know it.

We’re still a long way from this nightmare ever becoming reality, but honestly? Just the thought of it makes my skin crawl.