- Netflix Taps Top Bank: The streaming giant has hired investment bank Moelis & Co. to formally explore a bid for Warner Bros. Discovery’s studio and streaming assets.
- Access Granted: Netflix has gained access to WBD’s confidential financial “data room,” a critical and serious step toward making an official offer.
- Strategic cherry-picking: CEO Ted Sarandos is interested in iconic franchises like Harry Potter and DC, along with HBO, but wants to avoid legacy cable networks like CNN.
- Industry-Wide Shake-Up: This move comes as WBD weighs its future amidst offers from other major players, including Paramount Skydance and a watchful Comcast, signaling a massive consolidation in the entertainment industry.
The Streaming Wars Reach a Fever Pitch
In a move that could permanently alter the entertainment landscape, Netflix is actively pursuing a monumental bid for Warner Bros. Discovery’s coveted studio and streaming businesses. According to three sources familiar with the high-stakes negotiations, Netflix has retained the investment bank Moelis & Co. to guide its evaluation process.
Signaling the seriousness of its intent, Netflix has been granted access to Warner Bros. Discovery’s “data room.” This crucial step allows the streaming pioneer to dive deep into the confidential financial details necessary to structure a formal acquisition offer, moving the potential deal from speculation to a tangible possibility.
What’s on Netflix’s Shopping List?
The potential prize for Netflix is a treasure trove of globally recognized intellectual property. Acquiring the Warner Bros. studio would bring legendary franchises like Harry Potter and the entire DC Comics universe—including Batman, Superman, and Wonder Woman—under the Netflix banner.
Furthermore, the deal would include Warner Bros.’ prolific television studio, which ironically already produces some of Netflix’s own hit series, such as “You” and “Running Point.” The addition of HBO, the crown jewel of prestige television, along with its companion streaming service, would instantly add a library of acclaimed dramas and a significant number of subscribers to Netflix’s empire.
Drawing the Line at Cable
While the allure of Hollywood IP is strong, Netflix CEO Ted Sarandos has made it clear that his interest is highly targeted. During a recent investor call, Sarandos reiterated the company’s long-standing position on legacy media.
“We’ve been very clear in the past that we have no interest in owning legacy media networks,” Sarandos stated, indicating that cable channels like CNN, TNT, and the Food Network are not part of Netflix’s strategic vision.
A Media Giant at a Crossroads
Netflix’s aggressive move comes at a pivotal moment for Warner Bros. Discovery. The company recently announced it was beginning a formal review of its strategic options after receiving unsolicited offers from Paramount Skydance. The WBD board is currently weighing whether to proceed with a planned split—separating its studios and streaming from its television business—or to pursue a sale of all or parts of the company.
Other Players in the Game
The battle for WBD’s assets is far from a one-horse race. Comcast President Mike Cavanagh recently told investors that his company is actively evaluating media assets that would be “complementary” to its business, suggesting that another media titan is waiting in the wings.
The Future of Entertainment Hangs in the Balance
If a Netflix-WBD deal materializes, it would represent the most significant consolidation in the streaming era. The combination would create an entertainment behemoth with an unparalleled library of content, potentially forcing competitors to merge or risk being left behind. As the key players strategize their next moves, the entire industry is watching, waiting to see who will emerge victorious in the definitive battle of the streaming wars.
Image Referance: https://www.reuters.com/business/media-telecom/netflix-taps-bank-explore-bid-warner-bros-discovery-2025-10-30/