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.

Some industry insiders believe that acquiring Olympic broadcast rights could significantly boost Netflix’s live events portfolio, which currently features content like WWE programming, daring skyscraper ascents, and the upcoming FIFA Women’s World Cup from 2027. However, even if Netflix secures the rights, it might opt to distribute them through a Warner Bros. platform such as HBO Max, maintaining existing partnerships.

Netflix has chosen not to publicly comment on this possibility, and the International Olympic Committee has yet to provide a response to inquiries.

The situation becomes even more intricate in the United Kingdom, where Netflix’s stake in TNT Sports’ UK operations—resulting from its acquisition of Warner Bros.’ studio assets—adds a layer of complexity. TNT Sports operates as a joint venture between Warner Bros. Discovery and telecom giant BT, and it will broadcast the Winter Olympics starting next week. Meanwhile, the BBC will cover 450 hours of live Olympic action.

This arrangement suggests that Netflix’s chances of acquiring UK Olympic rights are potentially higher, but nothing is guaranteed. Warner Bros. Discovery could decide to retain the rights within its global sports division, and in such a scenario, the rights could be shifted from TNT Sports to another platform, like discovery+.

Amid ongoing industry consolidation, which is likely to require regulatory approval from the Trump administration, and with competitors like Paramount actively opposing such mergers, sports broadcasting rights remain a complex and competitive arena. The Olympics, being a highly valuable asset, continue to be a key strategic asset, and the unresolved rights landscape in Europe underscores the stakes involved.

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