Netflix Inc. sent shockwaves through the entertainment industry on Friday when it announced it had agreed to buy

Warner Bros. Discovery in a US$82.7 billion deal. The takeover will create a streaming giant, combining Warner Bros. content studios and HBO streaming service with Netflix’s already massive streaming audience.

The deal, which does not include Discovery Global division, which is being spun off separately, is already facing opposition from the movie theatre industry and some Hollywood A-listers and seems destined to face an intense regulatory review. It could also have major ramifications for Canadian audiences.

What does it mean for Crave?

Here’s what we know so far: If allowed to go through, the deal could be a huge blow to the content library on

Bell Media’s Crave streaming service. If approved, it would give Netflix the rights to HBO’s content library, as well as the Harry Potter franchise and content from the DC universe, all of which are flagship offerings on Crave, which has 4.3 million subscribers as of October 2025, compared to about 9 million Canadians on Netflix.

Any changes may not be immediate, if they are allowed at all. Warner Bros. and Bell Media signed a

content extension of “multiple years” in 2024, though the exact length was not revealed. At the time, Bell said the deal “ensures Crave subscribers have continued access to a vast library of premium content for the foreseeable future.”

Bell Media also did not respond to a request for comment on the latest developments.

What about movie theatres?

Theatre operators who have already expressed concern with Netflix’s practice of only allowing limited theatrical releases could lose significantly if the streamer grabs a bigger piece of the movie industry.

Cinema United, a global trade organization representing more than 56,000 movie screens in Canada, the U.S. and 80 other countries,

called the proposed acquisition an “unprecedented threat to the global exhibition business.”

The organization said the deal would risk about 25 per cent of box office revenue.

“Regulators must look closely at the specifics of this proposed transaction and understand the negative impact it will have on consumers … and the entertainment industry,” Cinema United chief executive Michael O’Leary said in the statement.

Earlier this week, an anonymous group of A-list celebrities and filmmakers sent a letter to the U.S. Congress arguing a deal between the two parties would “effectively hold a noose around the theatrical marketplace,”

Variety reported. Since streamers such as Netflix and Apple TV began producing theatre-level movies, theatrical windows for their titles have been shrinking, much to the chagrin of cinema operators.

For example, Netflix’s Frankenstein had a theatrical window of three weeks, while Wake Up Dead Man: A Knives Out Mystery has only a two-week window.

“A true commitment to theatrical means a robust slate of movies with a meaningful period of theatrical exclusivity supported by marketing,” O’Leary said.

In its announcement, Netflix said it “expects to maintain” theatrical releases for Warner Bros. films.

What happens next?

Netflix isn’t expecting the deal to close until the third quarter of 2026, as it faces a lengthy regulatory review.

In the U.S., senior officials have already said they are meeting the deal with “heavy skepticism,” according to CBNC.

“A Netflix-Warner Bros. would create one massive media giant with control of close to half of the streaming market — threatening to force Americans into higher subscription prices and fewer choices over what and how they watch, while putting American workers at risk,” Sen. Elizabeth Warren said in a statement.

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In Canada, the deal will also face regulatory scrutiny from the Competition Bureau, given its potential impact to Crave.

In a statement, the Bureau confirmed the deal “will be reviewed,” but declined to comment further given it’s “required by law to conduct its work in private.”