Paramount grabs Harry Potter linear rights from NBCUniversal ahead of WBD merger

The deal shifts one of the highest-value linear film packages from NBCUniversal to Paramount just as the Paramount-Warner Bros. Discovery merger nears closure — the DOJ cleared the $110 billion transaction on June 12, with European and UK reviews still pending. The licensing arrangement means the Harry Potter films now air on linear networks owned by the same corporate family producing the upcoming HBO TV adaptation, creating a cross-platform franchise flywheel. Watch whether Peacock's co-exclusive streaming rights hold post-merger or get restructured, and track ratings for the MTV July 4th marathon as a signal of residual linear demand for the franchise.

The licensing deal arrives amid the regulatory endgame for Paramount's $110 billion acquisition of Warner Bros. Discovery. The U.S. Department of Justice closed its antitrust investigation on June 12, 2026, determining the merger "is not likely to result in harm to competition or American consumers" across SVOD, linear television, and theatrical distribution (per the DOJ statement, June 2026). However, the deal still faces international and state-level scrutiny. The European Commission has set a July 7 deadline for its initial review, with a July 14 deadline for vetting foreign investment aspects (per CNBC, June 2026). The UK's Competition and Markets Authority is expected to issue an initial decision by early August (per AP News, June 2026). California Attorney General Rob Bonta confirmed the deal "remains under investigation by the California Department of Justice" (per CNN, June 2026).

The Harry Potter franchise carries particular strategic weight for the combined entity. HBO's TV adaptation of J.K. Rowling's books is currently in production at Warner Bros. Studios Leavesden in the UK, with HBO Chairman Casey Bloys narrowing the premiere window to "early 2027" (per Deadline, January 2026). HBO Max head of original programming Sarah Aubrey described the series as "a financial investment that normally you wouldn't make with a television show," with seven seasons greenlit — one per book (per Deadline, March 2026). The series stars Dominic McLaughlin as Harry Potter, with John Lithgow as Dumbledore and Paapa Essiedu as Snape. Hans Zimmer has signed on as composer.

Separately, all eight Harry Potter films are reportedly scheduled to leave both HBO Max and Peacock on July 1, 2026, just two days before Paramount's linear debut (per ComingSoon.net/Collider, June 2026). If confirmed, the removal would narrow the films' streaming availability at the moment of their linear migration — an unusual windowing move that could temporarily push viewers toward Paramount's cable networks and PVOD platforms.