The licensing rights to Harry Potter are split into a complex "IP Empire" between J.K. Rowling and Warner Bros. Discovery. J.K. Rowling owns the literary and character rights, meaning she controls the books, the stage play (The Cursed Child), and any future written works. Warner Bros. Discovery owns the film, television, and theme park rights. This is why Warner Bros. produces the Fantastic Beasts movies and the upcoming 2026 HBO television series, and why they partner with Universal Studios for the Wizarding World theme parks. All merchandise, video games (like Hogwarts Legacy), and "Wizarding World" branding are managed through a joint venture, but the trademarks for names and "indicia" are primarily held by Warner Bros. This division of power means that while Warner Bros. can make movies, they cannot change core canon or write new books without Rowling’s approval and a share of the royalties going to her company, Bronte Film and TV.