It is highly unlikely that Universal will "buy" Harry Potter, as the intellectual property is owned by Warner Bros. Discovery (WBD). Warner Bros. views Harry Potter as one of its "premier" franchises, essential for its film, streaming (HBO Max), and merchandise revenue. Universal Destinations & Experiences currently operates the Wizarding World of Harry Potter under a long-term licensing agreement. While Universal has built massive theme park lands based on the IP, they do not own the characters or stories. In 2026, the partnership remains strong, with Universal opening the "Ministry of Magic" land at its new Epic Universe park in Orlando. Warner Bros. continues to manage the brand globally, including the "Making of Harry Potter" studio tours in London and Tokyo, ensuring that the "Magic" remains a shared—but clearly owned—commercial asset for WBD.