Netflix has taken a significant step toward potentially acquiring Warner Bros. Discovery’s core studio and streaming business, according to an exclusive Reuters report. The streaming giant has hired investment bank Moelis & Co. to advise on a prospective offer for the prized assets.
Citing three sources familiar with the matter, the report indicates that Netflix has been granted access to WBD’s confidential data room. This access provides the detailed financial information necessary to formulate a formal bid for the operation.
The potential acquisition targets Warner Bros. Discovery’s most valuable segments. This includes the Warner Bros. film and television studios, the HBO cable network, and the Max streaming service.
Netflix is actively exploring a bid for Warner Bros. Discovery’s studio and streaming businesses, Reuters reported, citing people with knowledge of the matter https://t.co/DLiMfEzkwy
— Bloomberg (@business) October 30, 2025Notably, the deal would likely exclude WBD’s linear or “legacy” television networks, such as CNN, TNT, and the Discovery Channel portfolio. This strategic focus aligns with previous comments from Netflix CEO Ted Sarandos, who has expressed disinterest in traditional broadcast assets.
If completed, the acquisition would be one of the most significant in modern media history. It would grant Netflix control over a vast library of iconic intellectual property, including the DC Comics universe and the Harry Potter franchise.
Read: Victoria Beckham Shares David’s Bedroom Secret in Netflix Documentary
This would significantly enhance Netflix’s content arsenal in the intensifying streaming war, strengthening its position against major rivals such as Disney+ and Amazon Prime Video. The move follows Warner Bros. Discovery’s recent announcement that it was considering strategic options after receiving several unsolicited offers.
Netflix, Warner Bros. Discovery, and Moelis & Co. have all declined to comment on the report.
