Netflix Chief Content Officer Bela Bajaria is entering awards season with “KPop Demon Hunters” in the Oscar race, even as Netflix pushes to keep its proposed purchase of Warner Bros.’ studio and streaming assets on track.
The animated feature earned two Oscar nominations on Jan. 22: Best Animated Feature and Best Original Song for “Golden.” Co-director Chris Appelhans described a bleary, adrenaline-hit morning after the nominations landed, and co-director Maggie Kang said she tried to keep her reaction quiet at home. Songwriter-performer EJAE, who co-wrote and performs “Golden” as the singing voice of protagonist Rumi, said the nomination capped a personal upheaval that felt bigger than her original career goals.
Netflix has moved quickly to turn the title into a consumer brand. In a licensing announcement tied to the film, the company said it signed global toy partnerships with Mattel and Hasbro, with products scheduled to begin rolling out in spring 2026. The same announcement said the film drew more than 325 million views worldwide in its first 91 days and pointed to chart traction for the soundtrack and “Golden.”
That awards heat sits beside a deal with major implications for the theatrical and streaming ecosystem. Netflix and Warner Bros. Discovery said on Dec. 5 that Netflix agreed to acquire Warner Bros.’ film and television studios and the HBO streaming business for an enterprise value of about $82.7 billion, priced at $27.75 per share. The companies said Warner will first separate its Global Networks business into a new public company, Discovery Global, expected in the third quarter of 2026. In investor communications, Netflix said it plans to keep Warner’s operations running, including theatrical releases, and projected $2 billion to $3 billion in annual cost savings by year three; it also pegged closing at 12 to 18 months after signing, subject to approvals.
Opposition has been loud. Cinema United, the U.S. exhibition trade group, urged regulators to block the transaction, warning it would reduce the supply of major-studio releases in cinemas. Netflix executives have responded publicly by promising no studio closures and reiterating a commitment to theaters.
The contest sharpened this week when Netflix and Warner updated their agreement into an all-cash transaction at the same $27.75-per-share price, while a rival bidder extended its hostile tender offer deadline to Feb. 20. A separate report said Netflix co-CEO Ted Sarandos is scheduled to testify in February before a U.S. Senate committee on the deal.
