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Close your eyes,<\/span> think for a minute, and tell me: What is a Netflix<\/a> Movie? OK, try again: What is a Netflix Show?<\/p>\n Sure, it\u2019s easy to rattle off some killer titles\u2014KPop Demon Hunters<\/em><\/a>, Stranger Things<\/em><\/a>\u2014but Netflix has never really had a brand identity. It\u2019s not, like Disney<\/a>, the home of Star Wars and Mickey Mouse. As streaming services go, it\u2019s made its name by being a jack of all trades and a master of none. Now, it\u2019s made its smartest move yet, dropping $83 billion<\/a> to buy itself a whole new personality.<\/p>\n On Friday, the streaming giant announced it will be acquiring Warner Bros. in a deal that gives Netflix the studio\u2019s film and television operations as well as HBO and HBO Max. For those who can\u2019t keep up with who owns what these days\u2014no one can\u2014that means that once the deal closes, Netflix will own everything from Batman<\/a> to The Big Bang Theory<\/em>, The Wizard of Oz<\/em> to Westeros<\/a>. Also, Lord of the Rings<\/em>, Harry Potter<\/em>, and prestige TV shows like The Sopranos.<\/em><\/p>\n According to Paul Erickson, a media and entertainment analyst at Omdia, acquiring content with that kind of name recognition will allow Netflix to attract and retain subscribers. \u201cIt will also increase Netflix\u2019s standing within the industry from talent, recruitment, and salary negotiation perspectives,\u201d he added.<\/p>\n The deal, which is expected to close next fall after Warner Bros. Discovery spins off its cable business (CNN, HGTV, Discovery, and others), surprised the hell out of Hollywood when Netflix announced it Friday morning. Warner Bros. Discovery\u2019s future had been hanging in the balance for weeks, with a series of potential buyers putting in offers. NBCUniversal parent company Comcast made a bid. So did Paramount Skydance\u2014which worried some, given that the merger of Paramount and Skydance, headed up by Oracle founder Larry Ellison\u2019s son David Ellison<\/a>, became a political football involving everything from South Park<\/em><\/a> to The Late Show With Stephen Colbert<\/em><\/a>, which got put on ice<\/a> this summer.<\/p>\n Ultimately, Netflix won, making itself the place where viewers will go for Game of Thrones<\/em> rewatches and whatever new thing James Gunn does with the DC Extended Universe. In effect, it gives the streaming giant an identity it didn\u2019t have before and a back catalog that will rival that of Disney+. It could also transform the streaming giant into something far more akin to a traditional movie and TV studio\u2014if that\u2019s what it wants to be.<\/p>\n That\u2019s the big question. As soon as the acquisition was announced, industry observers began to speculate whether or not Netflix would, say, continue Warner Bros\u2019 commitment to theatrical releases, something that\u2019s important to its auteur directors like Dune<\/em> filmmaker Denis Villeneuve<\/a>. Some also wondered, given Netflix co-CEO Ted Sarandos\u2019 recent comments about embracing generative artificial intelligence, if it would lead to more AI content generated thanks to<\/a> Warner Bros. massive library. All scenarios seem possible, but also at odds with each other. Today\u2019s deal means Netflix has a decision to make: use the Warner Bros. legacy it has acquired to carry on as a major Hollywood studio, or use it to make reams of content but far less art.<\/p>\n<\/div>\n