Netflix is reportedly weighing a major acquisition that could reshape the streaming landscape. According Reuters and multiple sources familiar with the matter, the company has retained a financial advisor and gained access to financial information as it explores a potential bid for Warner Bros Discovery’s studio and streaming businesses.
According to the report, the streaming giant has tapped investment bank Moelis & Co — the same firm that advised Skydance Media in its successful pursuit of Paramount Global — to help assess the opportunity, two sources told Reuters. In addition, Netflix has been granted access to Warner Bros Discovery’s data room, providing the detailed financial information typically shared with prospective buyers.
Neither Warner Bros Discovery nor Moelis commented on the report by Reuters. Netflix also did not immediately respond to a request for comment.
Should a deal move forward, the acquisition would dramatically expand Netflix’s reach in film and television. Warner Bros Discovery controls a treasure trove of intellectual property, from the Harry Potter and DC Comics franchises to a prolific TV studio responsible for producing Netflix originals such as You, Maid, and Running Point.
Bringing those operations in-house would give Netflix ownership of both the content and production pipelines behind some of its most successful programming.
The deal would also potentially include HBO and the Max streaming platform, adding a slate of acclaimed dramas and expanding Netflix’s premium content library. However, it appears unlikely that the company would pursue Warner Bros Discovery’s traditional cable networks — including CNN, TNT, Food Network, and Animal Planet — given Netflix’s long-standing aversion to legacy television holdings.
“We’ve been very clear in the past that we have no interest in owning legacy media networks,” Netflix co-CEO Ted Sarandos said during the company’s third-quarter investor video last week. “There is no change there.”
The timing of Netflix’s interest comes as Warner Bros Discovery weighs significant strategic changes. The company confirmed last week that its board is evaluating multiple unsolicited offers, including one from Paramount and Skydance, while also considering whether to proceed with a previously announced plan to split its studio and television divisions.
Meanwhile, Comcast President Mike Cavanagh told investors Thursday that his company continues to assess “complementary” media assets, suggesting a broader wave of consolidation could be coming to the entertainment industry. Cavanagh also pushed back against skepticism about regulatory hurdles, saying “more things are viable than maybe some of the public commentary that’s out there.”
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Netflix should buy Warner Brothers and Parmount should buy the TV divission Discovery Global