Warner Bros. Discovery Split Could Hand LA 2028 Olympics to the Streaming Giant

Source: Deadline, "Could Olympics TV Rights Jump To Netflix?" (Jake Kanter, Jan 30, 2026)

As the Milano-Cortina Winter Olympics approaches, a fascinating question looms over the global media industry: Could Netflix acquire European TV rights to the world's grandest sporting spectacle through its acquisition of Warner Bros. Discovery?

According to Deadline's exclusive report, live conversations are taking place within Netflix's camp about Olympic broadcasting rights as the company prepares to acquire Warner Bros.' studio business. The key question centers on where the rights to future Olympics—particularly LA 2028—will ultimately land.

The Hidden Bonus in an $83 Billion Deal: Olympics Rights

Warner Bros. Discovery renewed its partnership with the International Olympic Committee (IOC) in 2023, securing rights to every moment of every Games until 2032 across 49 European territories. WBD proudly calls itself the "Home of the Olympics in Europe." The deal operates as a shared arrangement with European Broadcasting Union (EBU) members like the BBC, which retain guaranteed output regardless of who holds the primary rights.

WBD is currently splitting into two units: Discovery Global, a publicly-traded company launching in July that will comprise CNN and free-to-air channels across Europe, and a studios business housing Harry Potter and Superman IP, which Netflix plans to acquire for $83 billion.

Industry observers initially expected the Olympics rights to remain with Discovery Global, given that CEO David Zaslav first struck the deal in 2015 when leading the pre-Warner Discovery Communications. However, Deadline reports that Zaslav has yet to decide where the Games will land.

Zaslav's Choice: Will He Hand the Olympics to Netflix?

If Zaslav keeps the Olympics rights within the studios business (where he will remain as CEO post-separation), the rights would ultimately fall under Netflix ownership when the acquisition closes. This means European viewers could be watching the LA 2028 Olympics on Netflix when the flame arrives at the LA Memorial Coliseum.

Sources indicate that WBD's final decision isn't expected until after Milano-Cortina 2026, but those familiar with the matter acknowledge that the Games would be attractive for Zaslav, a renowned sports fan and Olympics enthusiast. Whether Zaslav will have a role at a Netflix-controlled Warner remains unknown. WBD declined to comment on the matter.

Netflix's Live Sports Ambitions and the Olympic Prize

Sources within Netflix believe the Olympics rights would be a "spectacular addition" to the streamer as it aggressively expands live events coverage. Netflix has been building a significant live sports portfolio in recent years.

Netflix Live Sports Portfolio

Adding the Olympics would elevate Netflix's live sports strategy to an entirely new level. However, even if Netflix does acquire the rights, it could still choose to house them on a Warner Bros. platform like HBO Max. Netflix declined to comment, and the IOC did not immediately respond to requests for comment.

UK Market: TNT Sports Adds Complexity

The situation becomes even more complicated in the UK, where Netflix will hold a stake in TNT Sports' British operations as part of its Warner Bros. studio acquisition. TNT Sports operates as a joint venture between WBD and telecom company BT, and will serve as the home of the Winter Olympics starting next week. The BBC will also have rights to 450 hours of live action from the Games.

This structure seemingly increases Netflix's chances of securing Olympics rights in the UK, but uncertainty remains. If WBD decides to keep the rights at Discovery Global, executives at the new company could theoretically remove the Games from TNT Sports and hand them to another service, such as the Discovery+ streamer.

Regulatory Hurdles: Trump Administration and Paramount Factor

The media industry currently faces multiple complex variables. The WBD-Netflix deal requires approval from the Trump administration as a major M&A transaction, and Paramount continues its hostile hovering over the deal. In this environment, sports rights may not be at the top of the agenda.

However, the Olympics remains a prized asset that everyone covets. The uncertainty surrounding European broadcasting rights demonstrates that much remains to be decided—and there's plenty to play for.

Implications for K-Content Industry

This development illustrates how far global streaming platforms' live sports strategy expansion could potentially reach.

First, Netflix's live event ambitions are extending to mega-events like the Olympics. Following WWE and the FIFA Women's World Cup, acquiring Olympics rights would mean Netflix is no longer just an on-demand platform. This opens new possibilities for global streaming distribution of K-Sports content (esports, K-League, etc.).

Second, sports broadcasting rights are emerging as hidden key assets in M&A deals. The original purpose of the $83 billion WBD studio acquisition was to secure IP like Harry Potter and DC Universe, but Olympic broadcasting rights could come as an unexpected bonus. K-content companies should carefully examine such 'bundled assets' in overseas M&A and partnership negotiations.

Third, there's potential synergy with Korean companies' (Samsung TV Plus, LG Channels) FAST/CTV strategies in Europe. The fact that Netflix is considering distributing Olympics content through external platforms like HBO Max or TNT Sports suggests streamers may not exclusively broadcast on their own platforms. This creates opportunities for Samsung and LG's CTV platforms to emerge as distribution partners for premium sports content.

K-Content Industry Implications Summary