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Netflix Reportedly Exploring Bid for Warner Bros Discovery’s Studio and Streaming Assets

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Netflix is reportedly considering a major acquisition that could reshape the entertainment landscape, as the streaming giant explores a bid for Warner Bros Discovery’s studio and streaming business. According to multiple sources, Netflix has hired investment bank Moelis & Co — the same firm that advised Skydance Media in its successful Paramount Global takeover — to evaluate a potential offer.

The move comes after Warner Bros Discovery opened its financial data room to prospective bidders, giving Netflix access to detailed financial records. While both Warner Bros Discovery and Moelis declined to comment, sources say Netflix is actively assessing whether acquiring the studio arm would enhance its content portfolio.

If successful, the acquisition would give Netflix control over iconic franchises like Harry Potter and DC Comics, as well as Warner Bros’ prolific TV studio, which already produces several Netflix hits including You and Maid. The addition of HBO and its premium dramas could further strengthen Netflix’s global dominance in streaming.

Netflix CEO Ted Sarandos has previously stated that while the company typically focuses on building rather than buying, it remains open to acquisitions that expand its entertainment offerings. However, Sarandos clarified that Netflix has no interest in Warner Bros Discovery’s legacy cable networks such as CNN, TNT, or Food Network.

Warner Bros Discovery’s board is currently weighing several unsolicited offers, including one from Paramount Skydance, and is considering whether to proceed with a company split or a full sale.

Netflix Shares Drop 10% as Investors Worry Over Valuation and Growth Outlook

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Netflix shares fell more than 10% on Wednesday after the company’s fourth-quarter forecast failed to impress investors, despite a slate of blockbuster titles including the final season of Stranger Things. The decline reflects growing concern that the streaming giant’s valuation — now trading at nearly 40 times forward earnings — has become unsustainably high.

The company reported third-quarter revenue of $11.5 billion, in line with expectations, and forecast $11.96 billion for the next quarter. However, investors were left uneasy by the lack of subscriber metrics since Netflix stopped reporting them earlier this year. Analysts said the market is looking for stronger signals of growth to justify the company’s lofty market position after a 360% stock surge over the past three years.

Netflix’s advertising and gaming divisions, launched to diversify its income, have yet to become major revenue drivers. Still, the company recorded its strongest ad sales quarter ever, without disclosing figures. A $619 million tax-related charge in Brazil also dragged down profits.

Analysts at Wedbush called Netflix’s outlook “underwhelming,” while Evercore ISI suggested buying the dip, noting rival platforms Disney+ and HBO Max have raised prices — potentially giving Netflix room to do the same.