Netflix has officially bought Warner Bros and HBO for $82.7bn, and people are scared of what it means for the future of theatrical movies

Update: Netflix has announced it will be acquiring Warner Bros. for $82.7 billion ($72 billion equity) on a per share price of $27.75. Original story follows...

Netflix has emerged as the likeliest candidate to purchase Warner Bros.,

The news comes courtesy of Bloomberg, which reports that the studio is in exclusive negotiations with Netflix to sell HBO Max and its film and TV studios. Netflix is said to be volunteering a $5 billion breakup fee in case the deal doesn't clear regulators.

Netflix is also reportedly offering between $28 and $30 per share in its bid, which works out to $70-75 billion (Bloomberg puts the per share figure at $30). Netflix has beaten out Paramount and Comcast (owner of Universal) to the deal.

Already, the film industry is expressing significant worry. Variety reports that an anonymous collection of "top industry players" has sent an open letter to Congress arguing that Netflix would "effectively hold a noose around the theatrical marketplace."

And, per Deadline, the Directors Guild of America intends to meet with Netflix as the deal "raises significant concerns for the DGA."

Others have taken to the internet to share their own concerns, too. "If this purchase gets approved, it's a dark moment in film history. Even with horrendous leadership, WB set numerous box office records this year, and is strolling to a Best Picture win. Netflix removing one of the key studios from theatrical distribution is devastating," says journalist Daniel Howat.

"HBO has made some of the greatest TV shows of all time. Warner Bros. has made some of the best movies ever. Netflix has made some of the worst of both. They will not have the same level of excellence with their new work that WB did This is horrible for the film and TV industry," says sports media figure Jake Samuel.

"I will never watch a second of Netflix ever again if they cease physical media production and / or shutter the Warner Archive," says critic Dave Lee.

"Outside of the theatrical issue the amount of physical stuff WB has collected in their warehouses that are probably gonna go up for auction kills me. So fucking demoralizing," says journalist Kristen Lopez.

"If Netflix proceeds with an acquisition of Warner Bros., it raises serious concerns for the future of theatrical filmmaking. Consolidating a big studio under a streaming-first company risks turning more films into straight-to-platform content rather than true theatrical releases," says Screen Zealots.

Time will tell if Netflix's bid succeeds. In the meantime, you can fill out your watchlist with our guide to the upcoming movies left of 2025 and beyond.