Good morning: In today's edition of The Industry, we look at:
Netflix Wins Warner Bros, Men in Black 5, and a salty duck.
Let’s go!
If you enjoy today’s edition, please hit the like button or leave a comment.
Ok. So the deal is not yet done. And there’s still a massive uphill battle against regulators.
But, Netflix has entered into exclusive deal talks to buy Warner Bros. Apparently, Netflix bid around $27.75/share for WBD. That’s an $82.7bn valuation, including debt ($72bn equity value w/o debt). (vs. Paramount’s $27/share).
But remember, Netflix is only buying the Streaming & Studios (film/TV) segments, which include:
Warner Bros. Studios (film/TV)
HBO + HBO’s linear channels
TNT Sports International
DC Studios and DC Comics Publishing
Superman
Batman
New Line Cinema
Classic IP:
Harry Potter
Friends
The Shining
Bonnie and Clyde
Casablanca
The Wizard of Oz
Here’s what the two combined companies could look like:
333.6M combined subs
301.6M subs - Netflix
128M subs - HBO Max (≈75% have Netflix already)
$500bn+ valuation
$438bn (Netflix)
18th most valuable company in the world (ironically, Larry Ellison’s Oracle is right ahead at #17).
If another party (like Comcast or Paramount) tries another unsolicited bid that Warner Bros. takes, they will pay Netflix $2.8bn. Netflix is also offering a $5.8bn breakup fee if the deal doesn’t get approved. But given that the last major government win stopping a media mega-merger was a decade ago (Comcast-Time Warner Cable merger), it is likely to succeed. However, we expect a fight from theaters, unions, A-list stars, and Paramount’s David and Larry Ellison.
The existential threat here is that Netflix puts all of Warner Bros. films straight onto streaming, sans theatrical. Although their proposal did note they would continue releasing WB’s films theatrically.
If this acquisition goes through, even in the best-case scenario, we imagine Netflix will likely reduce the number of films in cinemas (Warner Bros. had just promised to release 12–14 films a year). Note that Warner Bros has a typical theatrical window of 45 days, vs. Netflix’s straight-to-streaming release or a 17-day limited awards run on a few hundred screens.
In such a banner year of original films from Warner Bros., I can’t imagine them coming out on streaming. Sinners and One Battle After Another were made for big-screen wide releases.
An even wilder thought: if Netflix closes the deal by March 15, 2026 (unlikely as it took Skydance 13 months to acquire Paramount), then they would have 50% of the top candidates for Best Picture at the Oscars.
For More:
How the heck did Netflix, a Silicon Valley startup, become the top company in Hollywood? Here’s our theory: https://theindustry.co/p/netflixs-biggest-hit
Netflix press release: https://about.netflix.com/en/news/netflix-to-acquire-warner-bros
THE INDUSTRY TLDR
Sony revives Men in Black series.
Vin Diesel to write & star in Mattel’s Rock ’Em Sock ’Em Robots movie.
Darren Aronofsky directs new erotic thriller by Gillian Flynn (Gone Girl) for Sony.
Bowen Yang & Matt Rogers write/star in Searchlight comedy about club Berghain.
Daniel Brown to adapt Chuck Palahniuk’s Survivor.
Peacock lands Clue series from Dana Fox & Nicholas Stoller.
Lionsgate’s reality veteran Craig Piligian exits Pilgrim Media.
Netflix orders Dirty John docuseries with archival footage on John Meehan case.
Kit Harington joins Hulu’s Count My Lies with Shailene Woodley.
Dean Norris to star in supernatural horror-comedy Dubbels.
BlackPink’s Lisa to star in Netflix’s Tygo, a spin-off from Extraction.
Mortal Kombat actor Cary-Hiroyuki Tagawa dies at 75.
Boots Riley’s I Love Boosters will open SXSW.
Netflix & A24 adapt campus novel Broken Toys into a TV series.
Andy Serkis’ animated Animal Farm finds a home at Angel Studios.
Paramount & Walter Hamada’s 18Hz pick up horror short The Littles.
Pathé names Ben Browning co-CEO to relaunch its U.K. film slate.
Saban Films hires Sarah Corrigan as Senior Director of Distribution.
THE INDUSTRY NEWS
Sony is moving to revive its Men in Black franchise and has hired Chris Bremner (wri: Bad Boys for Life) to write a new feature. No director or cast is attached and the project remains in early development, but all eyes are on Will Smith to return to his role as Agent J.
There was something magical about the first two movies, a mixture of Ghostbusters and the Mos Eisley cantina scene from Star Wars. There were plenty of jokes and gross-out goop explosions. You could even argue that this series is the goriest family film ever.
The 1997 original followed a shadowy government agency that managed extraterrestrial life on Earth, netting $580M, with the following sequels (2 and a spinoff) bringing increasingly diminishing returns and quality.
But you can’t look at a world like MIB and not at least want to live in it again.
Bremner, whose credits also include Bad Boys: Ride or Die and the upcoming Fast and Loose, is a pretty good choice; most likely, he will also make Will Smith more of a possibility. The series will surely try to go on if Smith passes, but I think both parties could use a little redemption. We don’t get a ton of sci-fi action comedies these days, I am hopeful we will see Agent J again.
This is a cool VFX Scene, and I can’t help but chuckle every time.
Vin Diesel will partner up with Mattel to write and star in the upcoming Rock ’Em Sock ’Em Robots movie based on the popular punching game.
This type of all-in-house project fits Vin’s m.o. for movies he chooses, like with Chronicles of Riddick, Vin likes having his hands in all aspects of development. But writing is a bit of a return to form; Diesel actually wrote his own debut, the crime drama Strays, in 1997 (trailer), but has seldom picked up the pen since.
We don’t have any details on the plot, but just look at this picture and tell me you can’t imagine Diesel’s voice coming out of one of these guys. This joins Mattel’s ever-growing slate of movies based on their toys, including Hungry Hungry Hippos, View-Master, and many more.
Big Tidbits:
Flynn + Aronofsky. A new Darren Aronofsky-directed project is on the horizon. It’s an erotic thriller from Gillian Flynn (author: Gone Girl) for Sony. Aronofsky’s best work is hyper-real, with its grip so tight on your cerebrum that it oozes into surrealness. Just take the horror/fantasy sequences in Requiem for a Dream, Black Swan, and even the last shot of The Wrestler. Flynn’s novels, on the other hand, pick up similar shades of psychological torment but lean a little more procedural. We’re excited to see how these styles blend.
Bowen Yang (SNL) is teaming up with his best friend and podcast co-host Matt Rogers (I Love That For You) to write and star in a new Searchlight comedy about two Americans crossing the Atlantic to get into Berlin’s notoriously exclusive club Berghain. That’s the one you have to wait in line for hours on end, and the bouncer can reject you based on your clothing style. Seems perfect for these two. This is their second theatrical team-up after last year’s Fire Island.
Tidbits:
In a bold revival of a long-shelved project, Daniel Brown (Your Lucky Day) will direct a feature adaptation of Survivor, a doomsday novel from Fight Club author Chuck Palahniuk. The satirical story follows the surviving member of a puritan cult who deals with his leap from obscurity to a national spectacle after a mass suicide wipes out the group. Since its publication in 1999, there have been multiple attempts to move forward with an adaptation of the novel. Production kicks off early 2026 in New Zealand.
The Clue series has found a home at Peacock. Written by Dana Fox (Wicked: For Good) and directed by Nicholas Stoller (Platonic). Sony TV and Hasbro pitched it with manila envelopes and board-game copies, drawing multiple bidders. The show will aim for a comedic mystery tone similar to Knives Out and Peacock’s Poker Face, following strangers at a billionaire’s murder-mystery night, currently in development.
A staple in reality TV, Craig Piligian (Survivor), is leaving both Pilgrim Media Group and his post as managing director of Lionsgate Alternative Television. Last year, Piligian sold his remaining stake in Pilgrim to Lionsgate and will stay with the company in a smaller capacity on fewer projects.
Mini Tidbits roundup: Netflix true crime. Simon Pegg. Versant. CAA: https://theindustry.co/p/netflix-simon-pegg-versant-caa
Renewals:
Oxygen’s Snapped (for S37 + S38)
Greenlit:
Oxygen’s Snapped: Killer Moms (series)
Oxygen’s Hooters Murders: Deadly Shift (doc)
Trailers:
AMC’s Rise of the 49ers
Streaming Release: Feb 1st
HBO’s Knight of the Seven Kingdoms
Release: Jan 18
Focus Features’ Midwinter Break
Cast: Lesley Manville and Ciarán Hinds
Release: Feb 20
The Six Billion Dollar Man
Dir: Eugene Jarecki
Release: UK & Irish Cinemas 19 December & US Theatres Early 2026
Peacock’s The Burbs
Cast: Keke Palmer
Release: Feb 8
Disney+’s Camp Rock 3
Cast: Jonas Brothers
Release: Summer 2026
Hulu’s A Thousand Blows (S2)
Cast: Stephen Graham
Release: Jan 9
First look:
Netflix’s Free Bert (series)
Cast: Bert Kreischer
Release: January
Paramount+’s Girl Taken
Release: Jan 8th
THE ACTOR SPOTLIGHT
Jon Snow is trading his brooding stare for a poker face. Kit Harington has joined the Hulu limited series Count My Lies alongside the unexpected but interesting duo of Shailene Woodley (Big Little Lies) and Lindsay Lohan (Freakier Friday), announced a few months earlier.
Based on the recently published debut novel of author Sophia Stava, in the mystery drama, the Game of Thrones alum will play Lohan’s charismatic husband, who is not exactly who he seems. The 20th Television series is still in pre-production.
Dean Norris (Breaking Bad) is set to star in supernatural horror-comedy Dubbels. Norris plays the enigmatic landowner of a cursed mountain resort that an engineering team is sent to evaluate. The film follows an environmental engineering team led by Pete (Zak Corrigan), sent to assess an abandoned ski resort built on mountain springs. Norris’ character and his daughter pressure the visitors while hidden forces begin to stir.
Seeing Hank from Breaking Bad play a bad guy would be an interesting mix of menace and dark humor that Norris played perfectly as Hank - Clip. Filming has just wrapped in the Catskills.
First, she became one of the world’s biggest pop stars. Then, she delivered a standout performance on HBO’s latest season of The White Lotus (clip). Now, BlackPink’s Lalisa “Lisa” Manobal is set to star in Netflix’s Tygo, a thriller spinoff of the streamer’s popular Extraction (trailer) franchise.
The film blends Korean filmmaking with the high-octane action Netflix has become known for, with Lisa joining Squid Game actor Lee Jin-uk in an undisclosed role. The story is inspired by the graphic novel created by Anthony and Joe Russo (Endgame).
Tidbits round-up:
Cary-Hiroyuki Tagawa, Mortal Kombat’s soul-stealing villain, has passed away at 75
The astounding 22nd season of Grey’s Anatomy brings back Kate Walsh
Sam Mendes and Sony’s The Beatles film has added to its expansive cast
Read all the above and more here: https://theindustry.co/p/cary-hiroyuki-tagawa-kate-walsh-sam
FESTIVALS AND DOCS
Boots Riley’s I Love Boosters will premiere at this year’s SXSW as the opening film. The film stars his frequent collaborator LaKeith Stanfield as well as Keke Palmer and Demi Moore.
Synopsis:
A ring of enterprising boosters (aka shoplifters or equal opportunists), who take aim at a cutthroat fashion maven.
Riley’s 2018 Sundance directorial debut, Sorry to Bother You, is an insanely piercing magical realism satire on capitalism. His follow-up was the Amazon series I’m a Virgo, about a 13-foot-tall Black man coming of age in a society that sees him as an outsider. It also captures Riley’s zaniness.
As a filmmaker, he is one of the strongest satirists of American power structures. However, despite both Sorry to Bother You and I’m a Virgo having incredible starts, their third acts were less than satisfying.
If his latest project is wholly cohesive, it could be headed for an Oscar.
INDIE FILMMAKER SPOTLIGHT / INTERNATIONAL NEWS
Saltburn meets One Day. Netflix and A24 are teaming up to adapt Broken Toys, the debut novel by journalist‑turned‑author Marie‑Claire Chappet, into a TV series.
Described as a “sharp, searing campus novel,” the story follows two very different Scottish university students, all leading up to a big drama-filled island graduation party.
Angel Studios has swiped up Andy Serkis’ animated Animal Farm. Including a star-studded voice cast of Seth Rogen, Steve Buscemi, Glenn Close, Kieran Culkin, Woody Harrelson, and, of course, Serkis himself.
After a long time in development and a divisive Annecy premiere, it finally found a home on the growing faith-based studio. It will be interesting to see how closely this adaptation sticks to the fairly dark book, given that Angel’s animation hasn’t really veered outside family territory and the source material is fairly cynical. Nevertheless, they will release it theatrically on January 20th.
Paramount, under its exclusive, multi-year production deal with Walter Hamada’s 18Hz Productions (EP: The Conjuring, It, and The Batman), has picked up The Littles, a horror short film for feature adaptation.
The clip we dug up is an incredible blend of live action, stop motion, and horror…
Keep reading with a 7-day free trial
Subscribe to The Industry to keep reading this post and get 7 days of free access to the full post archives.