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| Netflix banner with Electronic Arts logo is shown |
The streaming wars are entering a new, more expensive era, and Netflix is poised to make its biggest move yet. According to industry reports, the platform is considering a staggering $82 billion deal to acquire Warner Bros., a move primarily motivated by blockbuster film and TV libraries but with a secret weapon: Warner Bros. Games.
This potential acquisition promises to supercharge Netflix’s fledgling gaming division with AAA titles tied to iconic franchises like Harry Potter, Batman, and Mortal Kombat. But a recent, detailed report from Bloomberg’s Lucas Shaw reveals this wasn't Netflix's only gaming dream. The streaming giant has cast a wide net, even considering bids for gaming behemoth Electronic Arts (EA) and, ambitiously, The Walt Disney Company.
Netflix's Shopping List: From EA to Disney
The paywalled Bloomberg article sheds light on Netflix's aggressive "what-if" strategizing. The company has reportedly "considered bidding for every major asset put up for sale, including Electronic Arts Inc. and Fox." While a Disney takeover was viewed internally as a far greater long shot, the mere contemplation underscores Netflix's ambition to become the dominant global entertainment ecosystem.
However, executives ultimately hesitated at the prospect of overpaying for assets whose stocks had previously traded at lower valuations. The report does not specify when EA first appeared on Netflix's radar, but it positions the streamer as a perennial observer in the high-stakes M&A arena.
This strategic maneuvering comes amid other potential shake-ups for EA. Just last September, a consortium including Saudi Arabian investors proposed a buyout of the publisher, sparking analyst predictions of severe cost-cutting, potential job losses, and a heavier reliance on generative AI.
The revelation about Netflix's interest naturally leads to a pressing question from the gaming community: Would gamers have been better off with Netflix as EA's owner?
Today, Netflix announced our acquisition of Warner Bros. Together, we’ll define the next century of storytelling, creating an extraordinary entertainment offering for audiences everywhere. https://t.co/rXPFMNIs1A pic.twitter.com/0pdsMUEob8
— Netflix (@netflix) December 5, 2025
Netflix Gaming: A Platform in Search of an Identity
To date, Netflix’s gaming offering has been met with cautious optimism but critical skepticism. While included free with a subscription, most titles are perceived as basic mobile-quality experiences, failing to make a dent in the core console and PC gaming market. The recent high-profile addition of Red Dead Redemption generated headlines, but analysts doubt it will lure dedicated players away from their PlayStation, Xbox, or Nintendo Switch 2 consoles.
A Warner Bros. Games acquisition presents a clearer synergy. Netflix could seamlessly integrate gaming with its content pipeline, promoting a new Hogwarts Legacy sequel alongside the planned Harry Potter TV series, or a Game of Thrones title within that universe. It’s a vertically integrated entertainment dream.
EA, however, operates differently. Its most profitable enterprises are perennial sports franchises like EA Sports FC and Madden NFL. While it has handled major IP like Star Wars and Lord of the Rings, those licensing agreements are often transient and complex. The fit with Netflix’s content strategy is less obvious.
The Core Challenge: Can Netflix Master AAA Gaming?
Regardless of the target, a fundamental doubt persists: does Netflix have the stomach and expertise to manage a major AAA game publisher?
A troubling signal came in 2024 when Netflix shuttered its in-house studio, Team Blue, which housed veteran talent from franchises like Halo and God of War. The closure signaled a pivot away from expensive, long-term console-grade development toward more scalable, lower-budget mobile projects.
This internal shift makes the potential $82 billion play for Warner Bros.—and the earlier curiosity about EA—seem paradoxical. It suggests a company still searching for a coherent gaming strategy, oscillating between blockbuster ambitions and pragmatic retrenchment.
As Netflix continues its high-stakes negotiations, the industry is watching closely. The pursuit of Warner Bros. Games indicates a desire to fast-track credibility in gaming through proven franchises. Yet, its broad gaze across the market, from EA to Disney, reveals a platform still defining its ultimate endgame in the battle for living room dominance.
For more on Netflix's strategic outreach ahead of major deals, including how co-CEO Ted Sarandos is personally engaging with key figures, you can read the original Bloomberg report here: Netflix Co-CEO Ted Sarandos Wooed Trump Personally Ahead of Warner Bid.
Follow Netflix's official channel for future updates: https://x.com/netflix/status/1996912825508462707