Netflix is weighing a potential acquisition of Warner Bros Discovery’s studio and streaming operations, according to sources familiar with the matter. The company has hired investment bank Moelis & Co, known for its advisory role in Skydance Media’s Paramount Global deal, to evaluate a possible offer. Netflix has also been granted access to Warner Bros Discovery’s financial data room, signaling serious interest in the transaction.
The acquisition would give Netflix control of Warner Bros’ vast library of films and shows, including legendary franchises like Harry Potter and DC Comics, as well as the HBO and Max streaming platforms. It would also bring under Netflix’s umbrella the studio behind popular original hits such as You, Maid, and Running Point.
Netflix CEO Ted Sarandos emphasized last week that while the company has historically preferred organic growth, it considers major acquisitions that could significantly expand its entertainment portfolio. He reiterated that Netflix has “no interest in owning legacy cable networks,” such as CNN or TNT.
Warner Bros Discovery is simultaneously evaluating multiple unsolicited offers, including one from Paramount Skydance, as well as a possible company split separating its film and television assets from traditional TV networks. If Netflix proceeds, the deal could mark one of the largest shakeups in modern entertainment.
