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EXCLUSIVE: As Italy readies itself for the Winter Olympics, a question hangs in the cold air of Milano-Cortina: Could Netflix snatch European TV rights to the world’s grandest sporting spectacle when it acquires Warner Bros. Discovery?
The winter Games will screen on Warner Bros. Discovery across 49 European territories next month, but as the Hollywood studio’s future is settled, Deadline can reveal that live conversations are taking place about the television rights to future Olympics, not least Los Angeles 2028.
Warner Bros. Discovery (WBD) describes itself as the “home of the Olympics in Europe” after renewing its partnership with the International Olympic Committee (IOC) in 2023. The deal gave WBD access to every moment of every Games until 2032 as part of a shared arrangement with members of the European Broadcasting Union, such as the BBC, which have guaranteed output regardless of who else holds rights.
WBD is going through the process of splitting itself into two units: Discovery Global, a publicly-traded company that will launch in July and comprise CNN and free-to-air channels across Europe; and a studios business, which Netflix is planning to acquire for $83BN, giving it control over Harry Potter and Superman.
Given that WBD CEO David Zaslav first struck a deal for the Olympics in 2015, when he was leading a pre-Warner Discovery Communications, Netflix and others had expected that Discovery Global would house the current Olympics deal. Deadline hears, however, that Zaslav has yet to decide on where the Games will land.
This leaves open the possibility that he keeps the Olympics at Warner’s studios operations (where he will remain as CEO post-separation), meaning that the rights would ultimately fall under Netflix when the flame arrives at the LA Memorial Coliseum. It’s not yet known if Zaslav will have a role at a Netflix-controlled Warner, as we reported last month.
Sources said that a WBD decision is not expected until after Milano-Cortina 2026, but those familiar with the matter acknowledged that the Games would be attractive for Zaslav, a renowned sports fan and Olympics lover. A WBD spokesperson declined to comment.
There are also those at Netflix who believe the Olympics rights would be a spectacular addition to the streamer as it grows live events coverage, which includes WWE, audacious skyscraper climbs, and U.S. rights to the FIFA Women’s World Cup from 2027. That said, even if Netflix does become parent to Olympics rights, it could still choose to house them on a Warner Bros. platform like HBO Max.
Netflix declined to comment. The IOC did not immediately respond to a request for comment.
TNT Sports Adds To Complexity In UK
The situation is even more complicated in the UK, where Netflix will hold a stake in TNT Sports’ British operations as part of its takeover of Warner Bros.’ studio business. WBD runs TNT Sports as a joint venture with telecoms company BT, and the network will be the home to the Winter Olympics from next week. The BBC will also have rights to 450 hours of live action from the Games.
The TNT Sports arrangement seemingly increases the chances of Netflix getting Olympics rights in the UK, but again, nothing is certain. If WBD does decide to keep the rights at Discovery Global, executives at the new company could — in theory — take the Games off TNT Sports and hand them to another service, such as the Discovery+ streamer.
In an environment in which consolidation will likely require sign-off from Donald Trump’s administration, and with Paramount continuing its hostile hovering, sports rights are not exactly at the top of the agenda. But the Olympics are a prized asset, and uncertainty over the rights situation in Europe shows there is plenty to play for.
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