Netflix Taps Bank to Explore Bid for Warner Bros Discovery

Reuters

10:55 JST, October 31, 2025

Oct 30 (Reuters) – Netflix NFLX.O is actively exploring a bid for Warner Bros Discovery’s WBD.O studio and streaming business, retaining a financial advisor and gaining access to financial information, according to three sources familiar with the matter.

The video streaming service has hired Moelis & Co, the investment bank that advised Skydance Media on its successful bid for Paramount Global, to evaluate a prospective offer, two of the sources said. Netflix also has been granted access to the data room, which contains the financial details needed to make a bid, according to two of the sources familiar with the matter.

Warner Bros Discovery and Moelis declined to comment. Netflix could not be reached for comment.

Owning Warner Bros’ studio business would give Netflix control over some of Hollywood’s most successful stories and characters, including the Harry Potter and DC Comics franchises. Warner Bros’ prolific television studio also produces many of Netflix’s hits, including original series like “Running Point,” “You” and “Maid.” HBO and its companion streaming service would add more prestige dramas, and subscribers.

Netflix CEO Ted Sarandos told investors last week that while the company is traditionally “more builders than buyers,” it does evaluate acquisitions based on criteria such as the size of the opportunity and whether it would strengthen the company’s entertainment offerings.

Sarandos indicated Netflix would not be interested in acquiring Warner Bros Discovery’s cable television networks, which include CNN, TNT, Food Network and Animal Planet.

“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 investor video. “There is no change there.”

Warner Bros Discovery announced last week that it would begin evaluating options, after receiving a trio of unsolicited offers from Paramount SkydancePSKY.O to acquire the entire company.

The company said its board would consider whether to move forward with its planned split, which would separate the Warner Bros film and television studios, HBO and the companion HBO Max streaming service from its television business, or pursue a sale of all or parts of the company.

Comcast CMCSA.OPresident Mike Cavanagh told investors on Thursday the company is evaluating media assets that would be “complementary” to its existing business. He also appeared to dismiss those who are skeptical of Comcast winning regulatory approval, saying “more things are viable than maybe some of the public commentary that’s out there.”