Netflix is reportedly exploring a potential bid for Warner Bros Discovery’s studio and streaming assets, retaining the investment bank Moelis & Co to evaluate the opportunity, according to sources familiar with the matter.
The move would give Netflix access to some of Hollywood’s most lucrative franchises, including Harry Potter and DC Comics, along with Warner Bros’ prolific television studio, which produces shows like Running Point, Maid, and others that are already popular on Netflix. HBO and its streaming service would also bolster Netflix’s lineup with premium dramas and subscriber growth potential.
Netflix CEO Ted Sarandos told investors that while the company traditionally prefers building content in-house rather than acquiring it, it evaluates acquisitions that strengthen its entertainment offerings. He clarified that Netflix has no interest in Warner Bros Discovery’s cable networks, such as CNN, TNT, Food Network, or Animal Planet, stating, “There is no change there.”
Warner Bros Discovery recently confirmed it is reviewing strategic options following unsolicited offers from Paramount Skydance to acquire parts or all of the company. Its board is weighing whether to proceed with a planned split of the film and TV studios, HBO and HBO Max, or to sell portions of the business.
Netflix has been granted access to Warner Bros Discovery’s financial data room, allowing it to review critical information before making any formal offer. The company previously worked with Moelis & Co, which advised Skydance Media in its successful acquisition of Paramount Global assets.
Comcast, another major media player, is also evaluating complementary media assets but dismissed concerns about regulatory approval hurdles. President Mike Cavanagh said that more options are viable than public speculation might suggest.
Owning Warner Bros’ studio business would position Netflix as a dominant force in Hollywood, combining its global streaming reach with some of the most recognized and profitable intellectual properties in entertainment.
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