Summary:
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Netflix Inc. considers acquiring Warner Bros. Discovery’s studio and streaming divisions with Moelis & Co. advising the potential deal.
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Netflix explores bid for Warner Bros. assets, gaining access to financial data and data room.
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Warner Bros. Discovery reviews structure, potential sale excludes traditional TV networks, possibly benefiting both companies.
Netflix Inc. has hired investment bank Moelis & Co. to evaluate a potential acquisition of Warner Bros. Discovery’s studio and streaming divisions, including Warner Bros. Pictures and the Max service, according to a report from Reuters published Thursday.
Netflix is reportedly actively exploring a bid to buy Warner Bros assets
• They’ve hired the bank that advised Skydance on purchasing Paramount
• Netflix also has been granted access to WB’s data room and financial details
(via @Reuters) pic.twitter.com/IPczBq8u7N
— Culture Crave 🍿 (@CultureCrave) October 31, 2025
The discussions remain preliminary. People familiar with the matter told Reuters that Netflix has gained access to Warner Bros. Discovery’s confidential financial data to assess the value of its studio and streaming operations. The possible sale would not include the company’s traditional television networks, such as CNN, TNT, or Food Network, which Netflix has previously ruled out as acquisition targets.
Shares of Warner Bros. Discovery (WBD) rose about 4.2 percent in after-hours trading following the news, while Netflix (NFLX) gained 2.8 percent, reflecting investor interest in potential strategic benefits.
Warner Bros. Discovery continues to carry roughly $40 billion in debt, the result of its 2022 merger between WarnerMedia and Discovery Inc. The company has been reviewing its structure, including a possible split that would separate its studio and streaming assets from its global linear networks.
Analysts say the review could help Warner Bros. Discovery improve its balance sheet while allowing Netflix to expand its catalog with major franchises such as Harry Potter and DC Comics. Any potential deal, however, would likely face regulatory scrutiny given the scale of both companies and their influence in global media.
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Neither Netflix, Warner Bros. Discovery, nor Moelis & Co. have publicly commented on the reports.
