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Warner Bros. Discovery Inc. is close to a deal for a new online TV series based on the 'Harry Potter' book series, reported Bloomberg, quoting persons familiar about the deal on Tuesday.

Each season of the series will be based on one of JK Rowling’s seven books, according to the report. It is rumoured to comprise of fresh material from the popular books.

The company is hoping the series can become a staple part of a new streaming strategy that will be announced next week by HBO’s parent, Warner Bros.

A store assistant holds copies of the book of the play of 'Harry Potter and the Cursed Child' parts One and Two at a bookstore in London, Britain July 31, 2016. Photo: Reuters
A store assistant holds copies of the book of the play of 'Harry Potter and the Cursed Child' parts One and Two at a bookstore in London, Britain July 31, 2016. Photo: Reuters

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The company’s chief executive officer, David Zaslav, and HBO chief Casey Bloys have been working to convince Rowling to produce a new series, but the deal hasn’t been completed as yet.

The fresh new series would allow writers to delve further into the world of Rowling’s books. Warner Bros. has previously turned each of the seven books into a hit movie, including a two-part film that comprised the final book.

Warner Bros. has reportedly been wanting to do more with the best-selling book series. While Rowling blessed a stage play adaptation and a theme-park attraction, she had yet to sign off on new movies or a TV show, added the report.

Warner Bros. Discovery expected to unveil new streaming strategy

The author will be involved in the series to ensure it remains loyal to her original material but will not serve as its primary creator, the sources added.

Warner Bros. is also preparing to announce a new streaming strategy, including the name Max for its flagship online service, which debuted as HBO Max.

A big part of that strategy will be contingent on new content, especially films and TV shows based on stories and characters that viewers are already familiar with.

Warner Bros. has a deep library of programmes that fit the bill, including Rowling’s 'Wizarding World', the 'Lord of the Rings' series and a league of superheroes that includes 'Batman', 'Superman' and 'Wonder Woman'.

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The 'Harry Potter' books tell the story of a young wizard whose parents were slain when he was an infant and is then raised by his non-magical aunt and uncle. He discovers he is a wizard and is invited to attend Hogwarts, the world’s leading school for wizards.

The series has also spawned a stage production, 'Harry Potter and the Cursed Child.'.

However, it is the books themselves and the seven films that have had the largest impact, added the report. According to US publisher Scholastic Corp., the book series has sold 600 million copies in 85 languages over 25 years, becoming the all-time bestseller.

The eight films based on the series generated worldwide ticket sales of more than $7.7 billion, according to Box Office Mojo, the report concluded.

Warner Bros Discovery to tap popular movie franchises, posts loss

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