In Netflix’s blockbuster US$82.7 billion acquisition of Warner Bros. Discovery’s studio operations announced December 5th, one detail stands out: the architects of DC’s superhero revival have contracts that expire in spring 2027.
A Ticking Clock
Peter Safran and James Gunn, the duo tasked with transforming DC into a Marvel-level powerhouse, are working against the clock. Their current deals run through spring 2027, giving them roughly two more years to prove their vision before Netflix must decide whether to extend their leadership—or chart a new course.
The stakes couldn’t be higher. As Rich Greenfield of LightShed Partners notes, DC represents “probably the single greatest opportunity in this transaction,” but it’s been “one of the most undermonitized franchises in all of Hollywood.”
The 2027 Pipeline
Safran and Gunn have packed their remaining contract period with major releases. “Supergirl” and “Clayface” films are slated for next year, followed by sequels to both “Superman” and “The Batman” in 2027. There’s also a second season of “The Penguin” and additional projects in development.
“When we took the job, obviously the goal was to turn DC into the crown jewel that we knew it deserved to be,” Safran told Bloomberg Businessweek. “We’ve only literally started scratching the surface.”
Warner Bros. Discovery CEO David Zaslav publicly backed their work, calling their creative vision “compelling and a great economic return.” He emphasized that “there’s nobody around right now who can tell these stories with the same imagination and excitement.”
The Netflix Question
While Safran and Gunn weren’t directly involved in the Warner Bros. sale negotiations, their future under Netflix ownership remains uncertain. The pair are “focusing on scripts” and not letting corporate changes alter their plans, but the 2027 deadline looms large.
Netflix co-CEO Ted Sarandos has signaled support for their multi-platform approach, pointing to the success of “The Penguin” as proof that DC properties can work beyond tentpole films. However, Netflix’s traditional resistance to theatrical releases could clash with Gunn’s stated belief that “the communal, theatrical experience is something that is incredibly important and remarkably well suited to our big spectacle films.”
The Pressure Is On
With Marvel having dominated the superhero landscape for over a decade—generating more than $30 billion at the box office—DC needs wins, and it needs them fast. Gunn’s blunt assessment captures the pressure: “If you’re gonna make a Batman movie, it better be f—ing awesome.”
The next two years will determine whether Safran and Gunn get to see their long-term vision through—or whether Netflix decides to take DC in a different direction once their contracts expire in 2027.
