"Harry Potter" fans, hold on to your broomsticks. Warner Bros. Discovery, Inc. WBD is reportedly close to securing a deal for a new TV series set in the wizarding world.
What Happened: Warner Bros. is on the brink of finalizing an agreement for an upcoming web-based television series based on “Harry Potter,” the popular and bestselling young adult novels books written by J.K. Rowling, reported Bloomberg, citing two individuals with knowledge of the matter.
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The “Harry Potter” book series has seven parts. The books were turned into movies by the studio, with the last book being split into two parts. If a deal is made for a TV series, each season could cover one book.
Warner Bros. is aiming to use the upcoming “Harry Potter” TV series as a cornerstone of its new streaming strategy, set to be announced next week by HBO’s parent.
Warner Bros. CEO David Zaslav and HBO head Casey Bloys are working to persuade Rowling to produce a new series, but the deal remains incomplete, the report noted.
Warner Bros. did not immediately respond to Benzinga’s request for comment.
Why It’s Important: “Harry Potter” was enough to put its author Rowling in the billionaires club. Daniel Radcliffe, who played the titular roles in Harry Potter movies, and Emma Watson, who played the role of Hermione Granger, also became household names because of the series.
In 2017, when Harry Potter fans celebrated the 20th anniversary of the popular book and movie series, the entire franchise was estimated to be valued at roughly $25 billion.
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