The judicial approval of Paramount Skydance's acquisition of Warner Bros. Discovery opens a new chapter for Hollywood and, especially, for some of the biggest franchises in pop culture. With the deal valued at approximately $110 billion and expected to close on October 6, 2026, Warner will enter a new corporate phase just as it attempts to rebuild the DC Cinematic Universe.
Paramount and Warner: A Massive Change in Hollywood
The acquisition represents more than simply the combination of two film catalogs. The new company will bring together extremely valuable properties across film, television, streaming, and video games, including Warner Bros., HBO, DC, Warner Bros. Games, and a huge number of franchises owned by Paramount.
The process faced a major antitrust dispute in the United States, but a federal judge approved the agreement reached between Paramount, Warner Bros. Discovery, and a coalition of 12 states. The companies announced that they expect to complete the transaction on October 6, 2026.
From that point on, however, a question emerges that goes far beyond the court decision: what will the new administration do with Warner Bros. and, especially, DC?
The DC Universe Enters the New Warner at a Moment of Uncertainty
It is important to recognize that the new phase of DC did not begin with a general failure. Superman, the first major film in the new shared universe, grossed approximately $618.7 million worldwide. The film demonstrated that there is still a significant audience for DC's biggest characters, although that box office total remains below expectations for a character such as Superman.
The problem becomes more apparent when we look at what followed. Supergirl, released in 2026, ended its theatrical run with approximately $126.5 million worldwide. This difference does not, by itself, mean that the new DCU is doomed. These are different films, featuring different characters, different approaches, and different release circumstances.
But it does show that the success of a character like Superman does not automatically guarantee the same result for every property that becomes part of the universe.
And this may be one of the biggest challenges for James Gunn and Peter Safran: building a shared universe in which audiences are interested not only in Superman, Batman, or other traditionally popular characters, but also in lesser-known heroes and villains.
The Mischaracterization of Comic Book Characters
The goal of James Gunn was never to reproduce the comics panel by panel, and changes are natural in any adaptation. The problem arises when those changes strip away precisely the elements that made these characters unique over the course of decades.
The recent DC productions raise concerns by altering fundamental characteristics of characters that have an established identity across comic books, animated series, and video games. Modernizing a character is different from removing what defines them.
This becomes even more concerning when we talk about characters such as Superman, Batman, Wonder Woman, Green Lantern, and The Flash. These are characters with decades of history and a legacy built by multiple generations. A new interpretation can introduce changes, but that does not mean that everything can be altered without consequences, as is happening now with the Green Lantern series.
The problem, therefore, is not simply reinventing a character. It is abandoning essential characteristics in the name of reinvention, potentially making the character no longer resemble what made them popular in the first place.
And it is not as if Snyder's own approach did not also distort DC's characters. In the end, Warner still seems unable to properly build a cinematic universe that respects the legacy these characters have developed over decades of comic book history.
This Is Where the Warner Acquisition Could Change Everything
The most interesting aspect of the acquisition is not imagining that Paramount will necessarily cancel the DCU. There is currently no confirmation that this will happen. The issue is much simpler: a new administration will have its own financial and strategic objectives.
Paramount is taking over a gigantic company precisely with the expectation of generating synergies and reducing costs. The company intends to pursue more than $6 billion in savings through the integration of the two companies.
In a situation like this, every major production will be evaluated not only for its creative potential, but also for its cost, financial return, and ability to strengthen the company's properties.
If the new administration determines that certain projects have budgets that are too high for their expected returns, changes could follow. Films could have their schedules altered, projects could be reworked, and certain properties could receive more or less priority.
But the opposite scenario is also possible. A company with such a massive catalog could see DC as one of its most important tools for increasing the value of its new conglomerate. In that case, greater investments could be directed toward the characters that demonstrate the strongest commercial potential, bringing the DC pantheon's biggest characters to the forefront.
