In news that can only be described as “Hollywood, you might be in danger, girl!,” Netflix has announced that it is officially buying Warner Bros. Discovery in one of the entertainment industry’s most game-changing mergers. While the details are still being finalized, we know that the popular streamer will dish out $82.7 billion as part of the deal and is set to take over the legacy media company’s sub-studios like HBO Max and HBO and their respective assets and franchises, per Deadline.
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While WB CEO David Zaslav and Netflix’s co-CEO Greg Peters have tried to temper emotions and expectations on both sides, it’s only natural for questions to be raised as to what exactly this deal means for the future of movies, TV shows, and streaming. More specifically, what does this deal mean for the future of Black stories and storytellers? Could this be an opportunity for more of us to be in the rooms where it happens or does this major move signify a major loss when it comes to culturally diverse projects?
Let’s break it down.
The Potential Pros for Black Projects
On one hand, Netflix’s takeover could reinforce the presence of Black stories in the mainstream media…not shrink them. The popular streamer has been intentional about rejecting any anti-DEI policies company-wide and has served as a platform for diverse creators and stories for years now.
Given their affinity towards elevating projects that traditional studios may overlook or undervalue, there’s a solid argument to be made that Black storytellers may be in a better position for their stories to get greenlit and produced.
Also, given Netflix’s acquisition of HBO/HBO Max, there’s also the possibility that previously canceled and beloved shows like “Lovecraft Country” and “Rap Sh!t” could have new life breathed back into them via revivals or something else entirely. With Netflix’s global reach, there’s also a chance that Black stories could have even more exposure to a wider audience considering how common the streaming platform is in homes worldwide.
From an internal perspective, the merger could also be the chance for Netflix to bring in execs who have a strong background in championing diverse stories and could give new perspective on projects WB may have previously passed on given their tendency to shirk away from overt DEI initiatives (More on that in a bit).
The Potential Cons for Black Projects
On the other hand, Netflix CEO Ted Sarandos has long been vocal about his views on divesting from the traditional theater-going experience in favor of folks watching via streaming from the comfort of their own homes.
With WB’s current and future slate in their possession, this could mean that their investment into big screen releases will continue to shrink and if they do so, it could limit how long the window will be for movies coming down the pike. (You saw what happened when people realized “Sinners” was about to leave theaters, right? They had to bring it back.)
But, given Netflix’s emphasis of streaming over theaters, it could mean more of those short release windows in the years to come as well as smaller and smaller marketing budgets and promotional rollouts for Black films in general.
This consolidation also poses a potential risk to Black creators seeking to break through and get their projects funded as there will be fewer buyers in the marketplace to make offers. Additionally, given WB’s aforementioned slight retreat from its DEI initiatives to a more vague “inclusion” promise, that mindset and those policies could linger and play a role in which stories Netflix chooses to invest in should they decide to stick with the status quo that was already implemented on the WB side.
Looking internally once again, this move could prove to be detrimental to below-the-line Black workers who were banking on jobs and contracts with big studios. Black workers on the WB side could also be in jeopardy since their roles may not be needed due Netflix’s own teams and ways of doing things. And with the way the unemployment wave has been disproportionately hitting Black folks as it is for the last year and half, the last thing we need is for any more of us to be out of a job.
What Happens Now?
The short answer? We wait and see. There’s still some red tape that Netflix has to get through before the sale is 100% final and the ramifications won’t be fully actualized for a while now even after it is. What we do know is this move is monumental and sets the stage for some major pushback from unions, organizations and more. While there may be some champagne being popped at the Netflix offices, there are worries and criticisms brewing elsewhere. This merger is just the beginning of what will no doubt be one of the most influential eras in Hollywood.
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