Long live the king?!

Zack Snyder’s Justice League universe could make a comeback if Netflix ends up buying Warner Bros.—and with it, DC Studios.

That’s the possible speculation following a report from Variety citing Wells Fargo media analyst Steven Cahall, who identified the soon-to-be standalone Warner Bros. as a prime acquisition target.

What does Variety say? Netflix: “The Most Compelling Buyer”

Prior to the news of a potential Skydance-Paramount bid for Warner Bros., analyst Steven Cahall named Netflix “the most compelling buyer,” ranking it ahead of Amazon, Apple, Comcast, Sony, and Paramount Skydance:

Indeed, prior to news of Paramount Skydance’s prepping a bid for WBD, which was first reported by the Wall Street Journal, Wells Fargo media analyst Steven Cahall issued a note that pegged the future standalone Warner Bros. as “an attractive M&A candidate” — with Netflix “the most compelling buyer,” and other potential suitors including Amazon, Apple, Comcast, Sony and Paramount Skydance.

Netflix Eyed as Top Buyer for Warner Bros.

The report arrives as the entertainment industry braces for massive shifts, which are thought to involve tech companies scooping up film studios at bargain basement prices (rumors have also said Apple has been interested in Disney, and Skydance is essentially a tech company as a result of Oracle; Netflix can be looked at as a tech company; Comcast owns Universal).

Warner Bros. Discovery is planning to split in 2026 into two separate entities: “Warner Bros.” (which will hold the studios, HBO, DC, etc.) and “Discovery Global” (which will retain the cable and network assets).

That split was confirmed by CEO David Zaslav and lines up with what analysts say makes Warner Bros. much more attractive for acquisition—especially by a content-hungry giant like Netflix.

Snyder’s DC Return Becomes a Real Possibility?

For fans of Snyder’s DC films—Man of Steel, Batman v Superman, and Zack Snyder’s Justice League—the Netflix scenario opens the door to possibilities that once seemed closed.

Since exiting the DCEU, Snyder has found a home at Netflix, where he’s developed Rebel Moon, Army of the Dead, and Twilight of the Gods.

He’s also working on a police drama project for the streamer. A potential acquisition would put his past and present under the same roof, and with it, the keys to DC.

Netflix Could Reboot or Revive the Snyderverse

Snyder fans have long speculated that Netflix could be the path back to continuing or rebooting his version of the DC Universe.

That theory—once brushed off as wishful thinking—now has a sliver of plausibility. If Netflix owned the studio and IP outright, it could greenlight a Snyderverse continuation alongside other DC projects.

And if the studio sees value in multiple continuities—as it already does with series, animation, and spinoffs—there’s nothing stopping a scenario where Snyder’s characters and arcs return in some form.

This could mean Zack Snyder’s Justice League parts two and three could finally see the light of day, as well as Ben Affleck’s version of The Batman.

What About James Gunn’s DCU?

That wouldn’t necessarily mean the end of James Gunn’s DCU, either.

Netflix has shown it can support multiple large-scale franchises and would likely want as much DC content as possible to fuel its platform.

A dual-track approach could serve different audiences—Gunn’s continuity on one side, and Snyder’s fan-favorite dark tone on the other.

With DC IP under its control, Netflix could push volume, variety, and vision all at once.

However, as I’ve suggested before, it’s possible James Gunn is fast-tracking the DCU to make Warner Bros. look more attractive ahead of a potential sale.

Gunn appears to be moving quickly to get his slate into production, which could be part of an effort to boost the studio’s perceived value before Warner Bros.—and DC with it—changes hands.