A merged Netflix and Warner Bros Discovery could become one of the most powerful entertainment forces in the Asia Pacific region, with annual revenues projected to hit $6.6 billion, according to new analysis from Media Partners Asia (MPA).
The research firm, which tracks media trends across Asian markets, says Netflix currently generates around $5.5 billion a year in APAC, while WBD contributes roughly $1.1 billion. Although Netflix’s presence in the region is focused almost entirely on subscription streaming, WBD’s footprint is wider, spanning premium television licensing, theatrical releases and content sales.
However, the combined operation would face an early strategic dilemma. WBD has long-running licensing deals in India, Japan, Korea and several Southeast Asian markets that keep HBO titles on third-party platforms.
Those agreements run until 2027. The new parent company will eventually need to decide whether to renew them or reclaim the content to strengthen its own services, a shift that could significantly disrupt existing local partnerships.
MPA suggests some regional streamers may respond by deepening ties with NBCUniversal, Sony or Disney, with a Disney Plus bundle flagged as a possible counter-move.
The analysis follows Netflix’s $82.7 billion acquisition of WBD, confirmed last week after a competitive auction that stunned much of Hollywood. MPA argues that the deal rewrites the rules of the global entertainment industry, although it now enters a lengthy regulatory process. The merger agreement sets an end date of March 2027, with an automatic extension to September 2027 if approvals are still pending.
Netflix has also agreed to a $5.8 billion breakup fee should regulators block the takeover, signalling that the company is likely to accept behavioural conditions to satisfy antitrust concerns. Deadline reports that US President Donald Trump has said that the combined business would command a very big market share, calling it potentially problematic.
Under the deal, Netflix will acquire WBD’s studio operations and streaming assets, while Discovery Global, the linear channels arm that includes Warner Bros International Television Production, will be spun out ahead of completion.
If the transaction proceeds as planned, Asia may become a key battleground for the newly formed giant, reshaping competition in one of the world’s fastest-growing entertainment markets.
