Netflix reached a major milestone at the 2026 Academy Awards, earning 18 Oscar nominations and tying for the second-highest total among all distributors. Leading its slate was Guillermo del Toro’s long-anticipated passion project Frankenstein, which secured nine nominations, including a coveted Best Picture nod. Another standout was Train Dreams, a visually striking period drama acquired at Sundance, which picked up four nominations and also earned recognition in the Best Picture category.

The streamer’s diverse portfolio was further highlighted by Kpop Demon Hunters, a popular global hit that received nominations for Best Animated Feature and Best Original Song. Netflix Chief Content Officer Bela Bajaria praised the breadth and depth of the company’s storytelling, noting that Frankenstein explores identity and human connection, while Train Dreams captures themes of memory, family, and love through breathtaking visuals. The nominations marked Netflix’s eighth consecutive year with a Best Picture contender and its fourth time earning multiple films in the category, alongside recognition for titles such as the documentary The Perfect Neighbor.

Warner Bros. Leads the Field Amid Industry Rivalry

Despite Netflix’s strong showing, Warner Bros. ultimately dominated the nominations, matching its own record with 30 nods. The studio’s horror epic Sinners led the way with 16 nominations, followed closely by One Battle After Another with 13. The comparison between the two companies is particularly notable given Netflix’s proposed $83 billion acquisition of Warner Bros. Discovery’s studios and streaming operations.

Bajaria expressed optimism about the potential partnership, describing a future marked by healthy competition and creative collaboration. She suggested that a combined ecosystem could strengthen film slates, support filmmakers, and deliver greater value to audiences worldwide, while still encouraging internal rivalry that drives quality and innovation.

Regulatory Scrutiny Threatens Historic Merger

While awards momentum remains strong, Netflix’s ambitious acquisition faces mounting regulatory resistance. Netflix co-CEO Ted Sarandos and Warner Bros. Discovery’s chief strategy officer Bruce Campbell are expected to testify before the Senate Judiciary Subcommittee on Antitrust, Competition Policy and Consumer Rights in February. Lawmakers from both parties have raised concerns, with Senator Mike Lee citing “significant antitrust red flags,” and Senator Elizabeth Warren warning that the deal could create an “anti-monopoly nightmare.” Critics argue the merger could lead to higher subscription prices, reduced competition, and potential job losses across the industry.

Opposition has also emerged from industry rivals. Paramount Skydance, led by David Ellison and currently pursuing its own hostile takeover of Warner Bros. Discovery, has actively challenged the Netflix deal, citing severe regulatory risks linked to market concentration. The company estimates that a merged Netflix–HBO Max entity could control roughly 43 percent of global streaming subscribers, intensifying fears of excessive dominance in the rapidly evolving streaming landscape.