Netflix’s planned acquisition of Warner Bros, including HBO and HBO Max, would create by far the biggest single streaming player in the Nordic region if the services are ultimately combined, according to Mediavision.
Latest figures from the Stockholm-based research firm indicate that more than 6 million Nordic households currently subscribe to either Netflix, HBO Max or both. By comparison, second place in the region is effectively shared between HBO Max, Disney+ and Viaplay as standalone services, each with around 3 million subscribing households. A merged Netflix–HBO Max offer would therefore have roughly twice the household reach of its nearest competitor on today’s numbers.
Under the proposed cash-and-stock deal, valued at $82.7 billion (around €76bn), Netflix would acquire Warner Bros’ film and TV studios and streaming assets, including HBO and HBO Max, following the spin-off of the Discovery Global networks unit. The transaction is expected to close 12–18 months after that separation, subject to regulatory approval.
Mediavision principal analyst Fredrik Liljeqvist cautions that there are still “hurdles to overcome before the acquisition can finalise” and notes it remains unclear whether HBO Max and Netflix will actually be merged in consumer-facing form. He points out that HBO has a strong brand and highly regarded content, which in itself represents clear value for Netflix and its subscribers.
“Today, Netflix is the clear market leader in the Nordics, while HBO Max shares second place with Disney+ and Viaplay,” Liljeqvist says. “A merger would naturally have major consequences for both consumers and the market: an even stronger market leader with a substantial content offering. But there are still many steps before such a scenario could become reality.”
HBO Max is itself in the middle of an expansion phase and is due to roll out to further European territories later this year, which would broaden the potential footprint of any future combined service. In parallel, competition authorities in the US and Europe are expected to scrutinise the Netflix–Warner Bros deal closely, given the scale of consolidation it represents in global streaming and premium television.
