Netflix could have built many franchises by now but instead burns them all in season 1 or season 2 and makes slop on purpose (i.e. explain what you are doing while you are doing it for the people not watching directly, etc). They also just had the most successful franchise launch of all time -- Kpop demon hunters. The brand is apparently worth about 10 billion right now, and they bought the film and the rights from Sony for <20 million.

If they purchase HBO, I assume HBO will regress to the baseline that is Netflix content, not the other way around.