Netflix’s top executive has made it clear that the company wants to see more gritty DC projects following the model of the successful HBO series The Penguin. This direction for DC’s future comes directly from the highest level of the streaming giant, which is now positioned to heavily influence upcoming superhero content. The statement adds a significant new layer to the recent major news about Netflix’s planned acquisition of Warner Bros. and its DC Comics properties.
The comment from Netflix co-CEO Greg Peters points to a specific creative path for future DC films and television shows. He highlighted the style and success of The Penguin, the crime drama series starring Colin Farrell, as the template for what Netflix hopes to develop. The show has been a major ratings success for HBO, with its finale drawing a series-high 2.1 million viewers and the premiere attracting nearly 17 million viewers overall. Peters indicated that this kind of focused, character-driven storytelling is where he sees great potential.
“We’ve seen the success of a show like The Penguin,” said Netflix co-CEO Greg Peters. “It’s a more grounded, crime-drama approach to a DC character. That’s exactly the kind of thing we’d love to do more of. It’s about finding those unique character stories within the DC universe.”
This vision aligns with a broader shift in audience taste, moving away from massive, interconnected cinematic universes toward standalone stories with a darker, more realistic tone. The Penguin itself is a direct spin-off from the 2022 film The Batman, directed by Matt Reeves, which also embraced a grim, detective-noir style.
The Massive Deal That Makes This Possible
This new directive for DC is directly tied to one of the biggest entertainment business stories of the year. In December 2025, Netflix announced a landmark agreement to acquire Warner Bros. from Warner Bros. Discovery. The deal, valued at approximately $82.7 billion, would bring iconic franchises like DC Comics, Harry Potter, and Game of Thrones under the Netflix umbrella.
The transaction is expected to be finalized in about 12 to 18 months, pending regulatory approvals and the completion of Warner Bros. Discovery’s separation of its global networks division. Once complete, Netflix will control Warner Bros.’ film and television studios, HBO, and the massive libraries that come with them. This means Netflix will have direct authority over the future of DC movies, TV shows, and characters, making Peters’ statement a powerful signal of intent for the brand’s direction.
Why ‘The Penguin’ Is the New Model
Netflix’s leadership is looking at The Penguin as a model for good reason. The series has proven to be one of HBO’s biggest successes in recent times. It quickly became the third most-watched current HBO title globally, trailing only the giants House of the Dragon and The Last of Us.
The show’s appeal lies in its specific genre approach. Rather than a typical superhero story, it is a gritty crime saga set in Gotham City. The story picks up shortly after the events of The Batman, following Colin Farrell’s Oswald “Oz” Cobb as he tries to seize power in the criminal underworld after the death of his boss. Critics and fans praised the show for its strong cast, compelling storyline, and its focus on character depth over spectacle. This “grounded” style, which feels more like a premium cable crime drama than a traditional comic book adaptation, is what Netflix now wants to replicate.
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What This Means for Upcoming DC Projects
This strategic shift comes at a pivotal time for DC. A new cinematic universe led by James Gunn and Peter Safran is just beginning, with the film Superman having launched successfully in the summer of 2025. Other major projects are already in the pipeline, including The Batman Part II starring Robert Pattinson, scheduled for 2027, and series like The Lanterns.
Netflix’s stated preference for projects like The Penguin suggests strong support for continuing Matt Reeves’ “Batman Epic Crime Saga.” Reeves himself has expressed interest in developing more spin-offs, telling Deadline, “We have talked about thatโฆ I have a bunch of ideas”. While a second season of The Penguin is still under discussion, the show’s success and Netflix’s endorsement make further stories in that gritty world very likely.
For the wider DC slate, it indicates that Netflix values character-specific, genre-driven stories. This could influence the development of other DC properties, potentially leading to more mature, standalone series or films that explore villains and heroes through a similar dramatic lens, rather than focusing solely on building a connected universe.
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