Warner Bros. is close to closing a deal to create a new series based on the Harry Potter franchise. This is reported by two knowledgeable sources.

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Each season of the series will be based on one of JK Rowling’s seven books. The company hopes the series will be the cornerstone of a new streaming strategy to be announced next week. CEO of Warner Bros. David Zaslav and HBO chairman Casey Bloys have been working to convince Rowling to produce a new series, but a deal has not yet been finalized.

Previously, Warner Bros. turned each of the seven books into a hit movie, culminating in a two-part movie based on the last book. The series is expected to allow the writers to delve deeper into the world of Rowling’s books, many of which exceed 500 pages.

According to sources, the author of the books will participate in the creation of the series to ensure that it stays true to her original material and concept. But Rowling won’t be handling day-to-day tasks or acting as the primary creator.

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As for Warner Bros.’s new streaming strategy, the key will be the availability of new content, especially movies and series based on stories and characters that viewers already know. At Warner Bros. has a rich library that includes Rowling’s magical world, The Lord of the Rings, and a superhero league that includes Batman, Superman, and Wonder Woman. Zaslav believes that it is better to invest in fewer films and series, but they should be higher.

Source: Bloomberg