Hollywood is bracing itself following Netflix’s proposed $83 billion acquisition of Warner Bros. Discovery, a move that has sparked concerns across the industry about creative freedom, antitrust issues and the future of cinema. The deal, announced on Friday, will see Netflix acquire Warner Bros.’ film and television studios, as well as HBO and HBO Max, for $28 per share, giving the merger an enterprise value of approximately $83 billion, including $72 billion in equity.
The announcement has drawn sharp reactions from actors, filmmakers and industry groups. Two-time Oscar winner Jane Fonda has publicly condemned the deal as “catastrophic” and a “constitutional crisis.”
Speaking on behalf of her newly revived Committee for the First Amendment, Fonda urged the Department of Justice and state attorneys general to resist using antitrust reviews to extract political concessions or influence content decisions. She warned that the merger could undermine free expression and called on Netflix to protect the rights of storytellers rather than prioritise profits.
“The news that Warner Bros. Discovery has accepted a purchase bid is an alarming escalation of consolidation that threatens the entire entertainment industry, the democratic public it serves, and the First Amendment itself,” Fonda said.
“As stewards of an industry built on free expression, you have a responsibility to defend our rights, not trade them away to pad your pockets. We are watching closely, organising, and ready to mobilise,” she added.
The International Documentary Association also voiced concern, describing the merger as a threat to documentary filmmaking. The organisation noted that Netflix and HBO Max are two of the main distributors for documentaries and their consolidation could limit creative opportunities, restrict free expression and reduce the diversity of films available to audiences worldwide.
“This mega-deal immediately threatens documentarians’ creative opportunities and their freedom to tell stories that need to be told,” the IDA statement said. “It will drastically reduce the range and overall quality of documentaries available to audiences worldwide.”
Under the leadership of Sheila Nevins, HBO Documentary Films became a premier outlet for acclaimed documentaries such as ‘Paradise Lost: The Child Murders at Robin Hood Hills’, ‘Ghosts of Abu Ghraib’ and ‘When the Levees Broke’. Netflix has also earned Oscars for documentaries including ‘Icarus’, ‘The White Helmets’ and ‘American Factory’. Industry groups including the Writers Guild of America and the Directors Guild of America have joined in opposing the merger, citing antitrust concerns and potential threats to creative freedom.
British actor Hugh Grant also expressed dismay over the deal at the Hindustan Times Leadership Summit in Delhi. Speaking about the growing dominance of streaming platforms, the 65-year-old star said the acquisition signals a worrying shift away from the communal experience of cinema.
“I woke up and read about Netflix buying Warner Bros. For people who love the theatrical experience, that is another piece of bad news,” Grant said. “I find it hard to watch a movie on a streaming platform. In fact, I hate it. I love cinema made for theatres, made on celluloid, for an audience, as a communal experience. It is sad that everyone is watching films on their smartphones.”
Grant, reflecting on nostalgia and age, added that many of the projects offered to him today are for streaming platforms, but he struggles to get excited about them. “I feel tired when I get these offers. I hope we get bored of the digital online experience and go back to the old theatrical experience soon,” he said.
He also drew parallels with print media, suggesting that audiences will return to cinema if the experience is valuable. “Go to the cinema and watch the film with other people. See them laugh, cry or gasp with shock instead of sitting tragically alone at home streaming something delivered by Deliveroo.”
