Netflix Eyes Warner Bros. Discovery in Potential Mega Acquisition Deal

Streaming giant Netflix, Inc. has engaged investment bank Moelis & Co. to explore a potential acquisition of Warner Bros. Discovery, Inc.’s studio and streaming operations, and has been granted access to a data room containing financial details. Reuters

Control of Warner Bros.’ film and TV studios would give Netflix access to major franchises such as Harry Potter and DC Comics, along with HBO’s premium drama slate and its streaming backbone.

Netflix Chief Content Officer Ted Sarandos has previously stated the company remains “more builders than buyers” but evaluates acquisitions that meaningfully boost its entertainment offerings while explicitly ruling out interest in legacy cable networks such as CNN, TNT, and Food Network.

Warner Bros. Discovery, meanwhile, has confirmed it is considering options, ranging from a split of its studios business and streaming arm from its cable‑networks division to a full or partial sale after receiving unsolicited takeover approaches.