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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 Fall 5.6% After Brazilian Tax Dispute Hits Quarterly Earnings

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Netflix (NFLX.O) shares dropped 5.6% in after-hours trading on Tuesday after the streaming giant missed Wall Street’s third-quarter profit estimates due to an unexpected $619 million tax expense in Brazil. Despite record ad sales and a promising year-end outlook, the extra charge dragged down earnings and overshadowed otherwise steady revenue growth.

For the quarter ending in September, Netflix reported net income of $2.5 billion, or $5.87 per share, missing analyst forecasts of $3 billion and $6.97 per share, according to LSEG data. Revenue met expectations at $11.5 billion, while operating margin reached 28% — a figure that would have exceeded 31.5% without the one-off tax payment.

The setback comes as Netflix pursues growth beyond streaming through advertising and video games, competing with YouTube, Amazon Prime Video, and Disney+. Analysts said the tax issue weighed on investor sentiment, though the company’s fundamentals remain strong. “All things considered, this was another robust quarter, despite a blip due to an unforeseen expense,” said PP Foresight analyst Paolo Pescatore.

For the fourth quarter, Netflix projected revenue of $11.96 billion, slightly above Wall Street’s $11.90 billion forecast, and earnings per share of $5.45, one cent ahead of estimates.

Executives also addressed ongoing industry consolidation, saying Netflix would remain selective. Co-CEO Ted Sarandos said the company has “no interest in owning legacy media networks” but may consider acquiring intellectual property. Co-CEO Greg Peters added that competitors’ mergers would not affect Netflix’s competitive position.

The company said it delivered its strongest ad-sales quarter to date, though it did not disclose figures. Analysts believe subscription fees will continue to drive the bulk of Netflix’s growth. “Sustained revenue growth will predominantly come from subscriptions,” said eMarketer’s Ross Benes.

Netflix will end 2025 with a packed lineup, including the final season of “Stranger Things” and two live NFL games on Christmas Day. “We’re finishing the year with good momentum and an exciting Q4 slate,” the company said in its shareholder letter.

Warner Bros Discovery Revives HBO Max Branding to Boost Global Streaming Growth

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Warner Bros Discovery (WBD) is bringing back the HBO Max brand this summer in a strategic U-turn designed to capitalize on HBO’s global reputation for premium content, the company announced on Wednesday.

The move comes just two years after WBD rebranded the service as Max, combining HBO’s high-end dramas with Discovery’s lifestyle programming in an effort to broaden its appeal. However, the rebranding faced backlash from consumers and industry insiders who felt the iconic HBO name was essential to the platform’s identity.

“Today, we are bringing back HBO, the brand that represents the highest quality in media, to further accelerate that growth in the years ahead,” said CEO David Zaslav.

Why the Rebrand Matters

  • HBO’s name recognition remains unmatched in the prestige television space, with acclaimed titles like Game of Thrones, The Sopranos, and True Detective.

  • WBD hopes the rebrand will act as an “implicit promise” of premium content, enhancing global subscriber trust and engagement.

  • The shift also comes as WBD targets international markets for streaming growth, including upcoming launches in the UK, Ireland, Italy, and Germany.

Industry Reaction

The 2023 decision to drop the HBO label surprised many, including Netflix co-CEO Ted Sarandos, who said in March:

“I would have never guessed HBO would have gone away. They put all that effort into one thing that they can tell the consumer — it should be HBO.”

WBD had originally argued that blending HBO’s prestige titles with broader Discovery content under the Max brand would reduce subscriber churn by catering to diverse tastes. But the new strategy signals a renewed focus on premium branding as a growth engine.

Streaming Momentum

  • Q1 2024 Subscriber Growth: +5.3 million

  • Total Subscribers: 122.3 million

  • Target by 2026: 150+ million

Hit shows like The White Lotus and The Pitt have helped maintain subscriber momentum, particularly as WBD pivots away from its declining cable TV business.

The return to HBO Max marks a major brand restoration effort aimed at unifying content strength with international reach, as WBD continues to navigate a crowded and competitive streaming landscape.