The entertainment industry is bracing for major disruption as Netflix enters exclusive negotiations to acquire Warner Bros. Discovery, a move that could dramatically alter the Hollywood studio landscape and ignite intense rivalry in the awards arena. The potential deal — valued at an estimated $82.7 billion — has triggered widespread speculation about whether Netflix, after years of Oscar pursuit without securing Best Picture, may finally gain the competitive advantage it has long chased.
Netflix has earned 10 Best Picture nominations in the last seven years, including high-profile contenders like Roma, The Irishman, Mank, The Power of the Dog, and Emilia Pérez. But despite its aggressive awards campaigns and strong critical support, the streamer has yet to win the industry’s top honor. Instead, smaller studios such as A24, Neon, Searchlight, and Apple have claimed the prize in recent years. Now, Netflix is negotiating to acquire the studio behind Paul Thomas Anderson’s critically dominant film One Battle After Another — widely considered the leading favorite in this year’s Best Picture race.
Could the Deal Change the Awards Landscape?
Many industry insiders caution against assuming that an acquisition will directly influence Oscar victories.
“One strategist laughed when asked if Netflix was buying Warner Bros. to win Best Picture,” an insider noted. “The timeline alone makes that impossible for this year.”
The agreement would not close before the March 15 Academy Awards, meaning Netflix would not be able to claim One Battle After Another as its own contender in the current cycle.
Still, the long-term impact cannot be ignored. Combining Netflix — the most financially powerful awards campaigner — with Warner Bros. — a studio with nearly a century of Oscar history — could create a powerhouse capable of dominating future seasons.
Awards Track Records Show Mixed Results
Netflix’s 10 Best Picture nominees have produced 83 nominations and 13 wins, including directing awards for Alfonso Cuarón (Roma) and Jane Campion (The Power of the Dog), but never the top trophy. Warner Bros., meanwhile, has not won Best Picture since Argo in 2013. The studio’s last major Oscar decade came in the early 2000s with Million Dollar Baby and The Departed. This year, beyond One Battle After Another, Warner Bros. also has strong buzz behind Sinners — while Netflix hopes for nominations for Frankenstein, Jay Kelly, and Train Dreams.
A Deal With Industry-Wide Consequences
Beyond awards, the acquisition could reshape Hollywood’s structure, following a decade of mergers, strikes, theatrical contraction, and shifting streaming economics. The combination of Netflix + HBO Max would instantly become the most powerful streaming entity in television, pressuring competitors including Disney, Apple, Amazon, Paramount Global, and NBCUniversal. Industry observers believe that the outcome of this deal will reverberate far beyond red carpets and award stages.
“We don’t know whether it’ll create an Oscars superpower or a target for independents to unify against,” one strategist said. “But we do know it will change everything.”
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