Warner Bros Discovery Inc (NASDAQ:WBD) is reportedly closing in on a deal to produce a new television series based on the Harry Potter book franchise.
Author J.K. Rowling would keep a degree of creative control under the deal, according to Bloomberg sources, with each series set to follow one of the books – potentially providing years worth of new TV for Harry Potter fanatics.
Warner Bros would stream the show on its HBO Max service, which is due to merge with Discovery+ under a new name after a deal was struck between the two in December.
It had faced a disappointing uptake in its streaming services, reporting in February that it had attracted 96.1mln subscribers during the fourth quarter, slightly below analyst’s expectations.
Rival Disney+ also faced a tough quarter, amid heated competition in the streaming space from the likes of Netflix and Amazon Prime.
Due to update in a presentation on April 12, Warner Bros may shed some light on its re-run of Harry Potter, which collectively raked in US$7.7bn at global box offices between 2001 and 2011.