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The news comes not long after Warner Bros. confirmed it was exploring sale options.
WASHINGTON — Netflix is evaluating a potential bid for Warner Bros. Discovery’s studio and streaming operations, according to reports from Deadline and Reuters.
The streaming giant has enlisted financial advisory firm Moelis & Co. to explore the opportunity, multiple sources told the outlets. Moelis notably advised Skydance Media on its successful pursuit of Paramount Global, and is now reportedly helping Netflix assess the viability of acquiring key assets from Warner Bros. Discovery, including its film and television studios, HBO and the Max streaming platform.
Sources told Reuters that Netflix has already been granted access to Warner Bros. Discovery’s financial data room, a key step in the process. A source close to the discussions also confirmed to Deadline that Netflix is “looking into” the possibility of a bid.
The news comes after Warner Bros. Discovery confirmed last week that it is exploring strategic options following multiple “unsolicited offers” to purchase the company, ncluding one from Paramount Global and Skydance.
The company announced a review led by its board will consider whether to move forward with a planned split of its studio and streaming divisions from cable brands like CNN, TNT and Food Network, or to sell all or parts of the business.
A potential acquisition would give Netflix control over some of the most valuable franchises in entertainment, including Harry Potter, DC Comics and HBO originals like Game of Thrones and its various spin-offs.
Warner Bros. Television also produces several hits already streaming on Netflix, including “You,” “Maid,” and “Running Point.”
Still, Netflix executives have signaled caution regarding potential acquisitions. Reuters reported that CEO Ted Sarandos told investors last week the company remains more focused on building than buying, but said they will evaluate deals based on whether they enhance Netflix’s entertainment offerings.
“We’ve been very clear in the past that we have no interest in owning legacy media networks,” Sarandos said in the company’s third-quarter earnings video. “There is no change there.”
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