Over the last six months, Warner Bros. (WBD) has made headlines due to an intense bidding war between Netflix and Paramount Global. On Feb. 27, Paramount confirmed a definitive merger agreement to acquire WBD, with the closing expected in the third quarter of 2026.
The battle for the world-renowned “Dream Factory” has ended, but how did it begin?
I previously reported that over 36 years, WBD executives made unfortunate mergers, each attempting to fix previous failures while chasing powerhouse status.
“These mergers created a horrific financial legacy: $53 billion in debt as of 2022,” said David Dayen of The American Prospect. “Each was attractive in its time to executives and corporate synergists, but bad for the actual business.”
While creative talent thrived, debt piled up. Now, after the new merger, experts fear job losses and stifled innovation.
“The influence of Paramount’s head, David Ellison — whose father, Larry, is a friend and ally of Donald Trump — make[s] it harder to bring overtly political movies such as ‘One Battle After Another’ and ‘Sinners’ to the screen,” writes David Smith for The Guardian.
Meanwhile, Golden Age icon Warner Bros. continues making magic for its audience.
Warner Bros. launches “Superman Experience: Defenders Unite” attraction
Warner Bros. Discovery Global Experiences and DC Studios has unveiled the “Superman Experience: Defenders Unite” attraction housed in the historic Stage 5 on the Warner Bros. Studios lot in Burbank, California.
Stage 5 is home to some of the most iconic and memorable television series and feature films of all time, such as “Now, Voyager” from 1942, “Rio Bravo” from 1959, and the first season of the one and only sitcom “Friends,” which premiered in 1994.
“Built in 1936, this historic soundstage has been retrofitted with state-of-the-art technology and guest amenities to serve as Warner Bros.’ first dedicated home for Warner Bros. Discovery Global Experiences Location Based Entertainment (LBE) attractions,” WBD describes in the official press release.
This new gameplay attraction officially launched on Superman Day, April 18, 2026.
“Superman Experience: Defenders Unite” key details:
- The experience: The walkthrough attraction combines real-life sets, audio-animatronic Gary (Robot #4), Superman’s Kryptonian robot companion, 3D video, and motion-capture technology to let fans enjoy the illusion of flying.
- The context: The experience is set in a world inspired by James Gunn’s 2025 “Superman” film.
- The mission: Guests enter the Fortress of Solitude, where Superman recruits them to help defend Earth. After receiving Kryptonian powers, players train on the Kent Farm (with Krypto the Superdog) before heading to Metropolis for a final battle against the villain Darkseid.
- The tickets: The 20-minute experience requires a separate ticket from the regular studio tour. It costs $39 for adults and $29 for kids, although visitors receive a discount of about $15 by bundling with a Studio Tour reservation, writes Theme Park Insider.
“Superman Experience offers guests a unique experience to step into the world of DC’s storytelling in an incredibly fun and immersive way. This new attraction unites Global Experiences, Warner Bros. Studio Tour Hollywood, and DC Studios, so fans can create memories while celebrating the world’s greatest Super Hero,” stated Danny Kahn, general manager of Warner Bros. Studio Tour Hollywood.
Key Superman Experience features & activities:
- Interactive gameplay: Guests wear active 3D glasses and use motion tracking to blast enemies and fly. A real-time scoring system tracks performance for friendly competition.
- Special tech: A life-sized audio-animatronic of Gary (Robot #4) and two-player puzzle game allow guests to activate the Phantom Zone Projector and the Chaos Crystal.
- Leisure & retail: A themed area inside the Fortress of Solitude offers snacks and drinks.
- Daily Planet-themed store: The retail shop features an exclusive comic book, “Superman: Defenders Unite,” written by Josh Trujillo.
Savvapanf Photo/Shutterstock.com
Why is WBD launching the Superman experience?
WBD currently faces a massive $33 billion debt load, according to data from Macrotrends. And while the company managed to bring it down from the $49 billion it had five years ago, it still needs to make professional moves to survive. One of those moves includes adapting to current market demands by pivoting to high-margin experiences.
According to Research and Markets, the Location-Based Entertainment (LBE) sector is projected to reach $5.99 billion by the end of 2026 from $4.81 billion in 2025, at a compound annual growth (CAGR) of 24.5%.
“The growth in the historic period can be attributed to expansion of amusement park infrastructure, increasing consumer spending on out-of-home entertainment, adoption of digital gaming experiences, growth of themed entertainment venues, [and] rising popularity of experiential leisure activities,” reveals the report.
Major studios are now increasingly using location-based entertainment to monetize existing film and television libraries. For example, in December 2023, Lionsgate, a U.S.-based motion picture company, acquired the eOne entertainment platform from Hasbro for $375 million.
The Superman Experience resembles The Walt Disney Company’s strategy, which often consists of a high-value, intellectual property-focused “add-on” to maximize per-guest spending. By charging it as an add-on to the standard Studio Tour, WBD can earn more revenue from the same visitor footprint.
“Destination parks combine hotels, premium dining, and proprietary IP to justify multi-day visits and maintain a steady cadence of capital refresh,” writes Mordor Intelligence.
U.S. amusement industry key highlights:
- Spending versus attendance: Walt Disney Company earnings report data cited by Travel Weekly revealed that while attendance is flat or somewhat lower, consumers are spending more.
- Consumer preference: More than two-thirds (68%) of consumers prefer family entertainment centers that offer interactive and immersive experiences, including virtual reality.
- Merchandise spending: Spending on merchandise is increasing, with a 6.24% CAGR forecast through 2031, driven by exclusive collaborations, according to data from Mordor Intelligence.
- Loyalty shift: Consumers are prioritizing season passes to lock in value; these repeat visitors generate the highest margins through secondary spending on food and merchandise.
Sources: Mordor Intelligence, Business Research Insights
What new Superman experiences mean for customers
According to recent research from McKinsey & Company, immersive, IP-driven experiences are the primary gateway to younger demographics. Gen Z consumers are 1.5 times more likely than the general population to visit an immersive experience and four times more likely than older generations, the research revealed.
What’s in it for the fans?
- The consumer perk: Fans aren’t just visiting a theme park; they are entering Stage 5, the historic site where the first season of “Friends” and the 1942 classic “Now, Voyager” were filmed.
- Living the character: The attraction enables fans to experience what it’s like to be favorite characters they’ve seen on screen and read about in comic books.
The popularity of “Superman” is hard to explain and summarize. The movie maintained the number-one spot among U.S. consumers, in terms of general awareness and willingness to watch it in a theater, according to tracking firm The Quorum, as posted on Reddit.
Moreover, James Gunn’s 2025 “Superman” reboot film grossed $614 million globally and $354 million from North America, ScreenRant shared. The total global box office for all standalone Superman films exceeds $3.2 billion as of early 2026, Koimoi Box Office Report noted.
With the launch of its new Superman attraction, WBD is leveraging its intellectual property to increase revenue per guest, while giving audiences what they want: an immersive experience and a strong connection to the still highly popular character.
Related: Popular amusement park abruptly shuts down
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