Netflix explores Warner Bros Discovery studio and streaming business: Potential bid; Moelis guidance

Netflix is exploring a possible acquisition of Warner Bros Discovery’s studio and streaming business. The streaming service has hired investment bank Moelis & Co to guide the process. It has also been given access to Warner Bros Discovery’s financial data, which would allow Netflix to make an informed bid. Analysts say the deal could significantly expand Netflix’s content library and influence in Hollywood.

If the acquisition happens, Netflix would gain control over some of Hollywood’s biggest franchises, including Harry Potter and DC Comics. Warner Bros’ television studio produces popular series like Running Point, You, and Maid, which would also be added to Netflix’s portfolio. HBO and its streaming platform would bring premium dramas and more subscribers, giving Netflix a stronger position in the global streaming market.

Netflix CEO Ted Sarandos said the company normally focuses on building content internally rather than buying it. Still, acquisitions are considered if they provide significant opportunities or strengthen the company’s entertainment offerings. Sarandos made it clear that Netflix is not interested in Warner Bros Discovery’s cable television networks, which include CNN, TNT, Food Network, and Animal Planet. “We have no interest in owning legacy media networks,” he said.

Warner Bros Discovery announced last week that it is reviewing strategic options after receiving multiple unsolicited offers. One of these came from Paramount Skydance to buy the entire company. The board is considering whether to continue with a planned split of its studio and streaming assets from the television business or to sell all or part of the company.

Following reports of Netflix’s interest, shares of Warner Bros Discovery and Netflix rose more than 2% on Friday. Neither company has commented publicly on the story. Analysts say that acquiring Warner Bros Discovery’s assets would give Netflix access to a broader range of content, including high-value franchises, popular series, and premium dramas, which could strengthen its global streaming presence and competitive edge. Industry experts note that the deal, if completed, would mark one of the biggest acquisitions in the streaming sector. It could also trigger further consolidation in Hollywood, as major studios and streaming services look to secure top content for their platforms.