What Netflix’s Warner Bros. and HBO Deal Means for Bell and Crave

Netflix’s blockbuster plan to buy Warner Bros. Discovery could end up reshaping streaming in Canada and it may spell trouble for Bell Media’s Crave.

According to the Financial Post and discussed in an opinion piece in The Globe and Mail, Netflix has agreed to acquire Warner Bros. Discovery in a deal valued at more than $80 billion US. The acquisition would bring Warner’s film and TV studios, along with HBO and its streaming service, under Netflix’s umbrella. Discovery’s global TV business is not included and will be spun off separately.

So what could this mean for Canadian viewers, specifically those subscribed to Crave?

If the deal goes through, Netflix would gain control of HBO’s highly valuable content library, including popular series like The Wire, Game of Thrones, and The Sopranos, as well as major franchises such as Harry Potter and DC Comics. In Canada, most of that content currently lives on Crave, thanks to a long-standing licensing deal with Bell Media.

That’s where things get uncomfortable for Crave.

Netflix already has about 9 million subscribers in Canada, compared to Crave’s roughly 4.3 million. While Bell and Warner renewed their content agreement in 2024 for multiple years, the exact timeline has never been made public. Bell previously said the deal “ensures Crave subscribers have continued access to a vast library of premium content for the foreseeable future.”

Still, the Globe and Mail piece argues that once Netflix owns HBO outright, the company’s most logical move would be to bring that content home. Over time, that could mean HBO shows quietly disappearing from Crave as contracts expire, pushing subscribers toward Netflix instead.

The proposed merger is already drawing serious scrutiny. In the U.S., it will face a full antitrust review, and regulators have signaled skepticism. Senator Elizabeth Warren warned the deal could “create one massive media giant with control of close to half of the streaming market,” raising concerns about higher prices and fewer choices.

The Financial Post also reports strong pushback from movie theatre operators. Cinema United, which represents more than 56,000 movie screens worldwide, called the acquisition an “unprecedented threat to the global exhibition business.”

“Regulators must look closely at the specifics of this proposed transaction and understand the negative impact it will have on consumers … and the entertainment industry,” Cinema United CEO Michael O’Leary said.

Netflix says it “expects to maintain” theatrical releases for Warner Bros. films, even as it continues to prioritize streaming. The company does not expect the deal to close until at least the third quarter of 2026 due to the regulatory process.

In Canada, the Competition Bureau has confirmed it will review the deal but declined to comment further, saying its work must be conducted in private.

iPhone in Canada reached out to Bell Media for comment on how the proposed acquisition could affect Crave but did not hear back by publication time.

If the acquisition is approved without conditions, it could accelerate a shift many Canadians already feel. With HBO content potentially consolidating under Netflix, Crave could lose one of its biggest reasons to exist, raising fresh questions about competition, pricing, and the future of streaming in Canada.