Credit: Inside the MagicWe may already know how James Gunn’s DC Universe and the upcoming Harry Potter reboot will be impacted by the upcoming Paramount merger.
Warner Bros. Discovery has been up for sale for some time now, with the past few months seeing Netflix assumed as its buyer. Last December, Warner Bros agreed to an $82 billion, debt-inclusive takeover offer from Netflix for select assets.
The news divided film fans, concerned over what impact the streaming giant’s ownership would have on cinematic releases for Warner Bros. projects, including the Harry Potter reboot for HBO and projects under James Gunn and Peter Safran’s DC Studios.
Officially relaunched with the successful release of Superman (2025) last summer, the DC Universe has only just entered a new era of prosperity – one that some theorize could soon eclipse the struggling Marvel Cinematic Universe.
Paramount Skydance later submitted a rival bid, which was initially rebuffed, before returning this week with an improved offer that raised the price by $1 per share. Netflix executives declined to match Paramount’s bid, claiming that “the deal is no longer financially attractive,” with Warner Bros. now officially agreeing to the merger.
This still raises questions about the future of several Warner Bros. Discovery projects. However, we may already have our answer about Paramount’s plans for Warner Bros. Discovery IP.
What Will Happen to Upcoming Warner Bros. Projects?
As reported by Bloomberg when Paramount started showing greater interest in Warner Bros. Discovery last October (via The Direct), Paramount reportedly plans to keep the studio relatively intact.
Sources told Bloomberg that Paramount’s CEO, David Ellison, doesn’t want to change either studio’s creative teams. Instead, he plans to consolidate some of the marketing and distribution departments.
The proposal would allow both Warner Bros. Discovery and Paramount Pictures to continue operating independently on the creative side. That means upcoming projects under DC Studios and the Harry Potter reboot should go ahead as planned.
This is good news, considering the fact that James Gunn’s DC Universe is only in its infancy. Following up from last year’s Superman is Supergirl (2026), which hits theaters in June and sees Milly Alcock reprise the titular role after her cameo. The project is said to see Supergirl travel across the galaxy on a “murderous quest for revenge,” adapting the 2021–22 comic book miniseries Supergirl: Woman of Tomorrow.
Other upcoming DC Universe projects include Clayface (2026) and Man of Tomorrow (2027). The latter is said to only be a semi-sequel to Superman, with Gunn telling Gizmodo that it is “as much a Lex movie as it is a Superman movie.”
We’re also set to see The Authority, The Brave and the Bold, Swamp Thing, and a Wonder Woman reboot hit theaters at some point. Adria Arjona is said to be Gunn’s top choice to portray the eponymous female superhero, replacing Gal Gadot.
Over in the wizarding world, the next project is, of course, HBO’s divisive Harry Potter reboot. With one season per book, Warner Bros. has promised this will offer a more detailed, accurate look at JK Rowling’s universe than its original films did. However, fans have questioned the necessity of rebooting a franchise that only wrapped up in 2011, as well as the ethics of further spotlighting Rowling, considering her outspoken views against the transgender community.
Regardless of controversy, the project is deep into filming its first season, based on Harry Potter and the Sorcerer’s Stone. Its second season is said to already be in pre-production, with filming scheduled to commence after a short break in order to minimize major shifts in the appearances of its young leads, including Dominic McLaughlin (Harry Potter), Alastair Stout (Ron Weasley), and Arabella Stanton (Hermione Granger).
Will The Paramount Merger Go Ahead?
For now, the fate of DC and Harry Potter under Paramount remains hypothetical.
The merger is still in its nascency and must still be approved by regulators. According to the BBC, California Attorney General Rob Bonta has insisted that the potential merger “is not a done deal” and that the California Department of Justice will be “vigorous” in its review.
Bonta said earlier this month that his office would review any deal involving Warner Bros., citing the entertainment industry as a “critical sector” of the state’s economy. Any Paramount transaction would also require approval from the U.S. Department of Justice, as well as European regulators.
Should the $111 billion deal not go ahead, Paramount has reportedly agreed to pay Warner Bros. Discovery $7 billion regardless. It will also cover the $2.8 billion fee the studio had agreed to pay Netflix if its merger fell through.
Warner Bros. Discovery CEO David Zaslav said, “I’m very pleased with the outcome we achieved for WBD shareholders and the entertainment industry. Our guiding principle throughout this process has been to secure a transaction that maximizes the value of our iconic assets and our century-old studio while delivering as much certainty as possible for our investors. We look forward to working with Paramount to complete this historic transaction.”
Paramount has already made efforts to quell some fears in the film community. When announcing the deal, it stated that it will remain committed to 15 films apiece from Paramount and Warner Bros. each year, with full 45-day theatrical windows – or even longer for hit films – before they hit streaming.
What do you think of the planned Paramount and Warner Bros. Discovery merger?