We’re not pretending that Asia is high on Netflix’s radar in its acquisition of Warner Bros Discovery (WBD), or on WBD’s considerations in being swallowed. But, in our part of the world, the impact could be seismic. Below are the main relationships in our crosshairs if the deal goes through. So early in a process that could take until late 2027 to go through, it’s impossible to say what conditions regulators may set for approval. Meanwhile... 

▶ CJ ENM/TVING x WBD/HBO MAX
The Korean entertainment giant and its streaming platform has been dogged and very pragmatic in its expansion plans, tying up with Warner Bros Discovery (and the one-year-old HBO Max) for Southeast Asia, Hong Kong and Taiwan and with Disney for Japan. Netflix has a powerful hold on all those territories. We don’t know what the terms of these licensing and other agreements are – and they could expire before the deal goes through. Friday’s announcement may incentivise CJ/TVING to push harder than ever to maximise these arrangements in a ‘make hay while the sun shines’ situation. Reminder: TVING is/was supposed to launch a branded hub on HBO Max in Asia Pacific in 2026. Thrown into yet another corporate maelstrom, will the teams at WBD have the heart and soul to make magic happen? Not so certain is the fate of the promise of original Korean drama co-production for global distribution. Was that real or posturing? We may never know now. OR… Netflix has a strong relationship with CJ ENM’s Studio Dragon. If the ideas are good, the streamer may be delighted to take them on. Or not… 

▶  WBD’S LICENSING DEALS IN INDIA & JAPAN
WBD has mega-licencing deals with JioStar in India and U-next in Japan. U-Next has exclusive rights to 2,500 HBO Max titles, which launched on the platform in September 2024. When TVING boarded Disney+ in Japan from 5 November 2025, Disney+ billed the content collaboration as a “major milestone in cross-border entertainment”. The Japan deal kicked off with select TVING titles and will “over time” involve up to 60 TVING and CJ ENM shows, including Dear X. Netflix, meanwhile, remains Japan’s streaming market leader, with 8.2 million subs and 47% of premium VOD viewership, according to Media Partners Asia (MPA). 

▶  U-NEXT X WBD X TBS
The U-Next-WBD deal for all WBD content in Japan also covers international distribution of titles from Japanese commercial broadcaster, TBS.  In May 2025, the companies said 10 TBS, TV Tokyo dramas were heading to HBO Max in U.S., Brazil and Southeast Asia. The promise was that the footprint would be expanded to other countries worldwide. The announcement came as decent news for Japanese (non-anime) drama, which has so far struggled to find much of an international foothold outside of scripted adaptations led by Nippon TV’s Mother, and pales against global tastes for Korean drama and anime. Phase one involves six drama series and a one-off TV special from TBS and three drama series from TV Tokyo. Titles include webtoon adaptation Love Is for the Dogs, TV Tokyo’s dark comedy Please Die My Beloved and TBS’s legal drama Ignite. In Southeast Asia, Max currently carries a smattering of Japanese titles, including The Last 10 Years (film, 2023). Most of the Japanese slate is anime, including Weathering With You (feature film, 2019); TsukiMichi Moonlit Fantasy (series, 2021); and Kimetsu Academy Story (Demon Slayer spin-off).

▶ VIU X HBO MAX BUNDLE IN SOUTHEAST ASIA
Hong Kong-based regional streamer Viu and HBO Max launched their direct-to-consumer bundle for Southeast Asia (Indonesia, Malaysia, the Philippines, Singapore and Thailand) a few days ago. The deal, announced in August this year, is supposed to give the two a fighting chance against Netflix. At the time, Viu had about 9.8-million subs in Southeast Asia. HBO Max, which launched in November last year, had 1.7 million subs in the five markets, according to Media Partners Asia’s (MPA) previously released data. The bundle price in Singapore is S$19.98 a month (a saving of S$5.48 a month compared to individual buys) or S$189.98 a year (a saving of  S$47.76). Netflix in Singapore costs S$15.98 for the basic plan in 720p HD, S$22.98 for the standard 1080p full HD plan and S$29.98 for the 4K (Ultra HD) + HDR.