Key Points:
- Warner Bros Discovery becomes a potential acquisition target as Netflix explores a strategic bid with Moelis & Co’s guidance.
- The talks follow Warner Bros Discovery’s ongoing strategic review amid rising industry consolidation.
- Analysts say a Netflix–Warner Bros Discovery deal could reshape the global streaming and media landscape.
Netflix has reportedly hired investment bank Moelis & Co to evaluate a potential offer for Warner Bros Discovery (WBD), signaling possible interest in expanding its studio and streaming portfolio.
Netflix Evaluates Strategic Acquisition Opportunity
According to sources familiar with the matter, Netflix has enlisted Moelis & Co — the same advisory firm that recently guided Skydance Media during its Paramount Global bid — to explore the feasibility of acquiring Warner Bros Discovery. The move would grant Netflix access to key financial details about WBD as part of an exploratory review.
While Netflix has not publicly commented on the discussions, a source confirmed Thursday night that the company is “looking into” the possibility of a bid for parts of WBD’s business.
The potential acquisition interest comes shortly after Warner Bros Discovery initiated a strategic review process, acknowledging “unsolicited interest” from multiple parties. This followed the company’s rejection of Paramount Global’s second merger offer, which further fueled speculation about its openness to new ownership or partnership structures.
Past Comments Suggest a Cautious Approach
Despite the latest reports, Netflix’s leadership has previously played down the idea of large-scale media mergers. During an earlier earnings webcast, co-CEO Greg Peters said success in streaming “comes from developing capabilities in the trenches day to day,” not through acquisitions of companies “still developing those same capabilities.”
Co-CEO Ted Sarandos also emphasized that Netflix has “no interest in owning legacy media networks,” suggesting that any future acquisition strategy would likely focus on content production and streaming infrastructure rather than traditional broadcast operations.
Still, analysts note that Netflix’s engagement with Moelis & Co indicates an openness to explore options that could strengthen its long-term position in the global entertainment market.
Expanding Presence Beyond Streaming
The reported discussions follow a string of strategic moves by Netflix aimed at broadening its content offerings. Earlier this month, the company entered the video podcasting space through a new partnership with Spotify, allowing select shows to stream directly on its platform.
Industry observers see this as part of a broader effort to diversify its media footprint and capture audiences across multiple formats, including film, television, live events, and now audio-visual podcasts.
Warner Bros Discovery, home to brands like HBO, Warner Bros Pictures, and Discovery Channel, represents a major force in the global content industry. Any potential acquisition or partnership with Netflix would mark one of the most significant developments in the entertainment sector in recent years.
For now, both companies remain silent on further details, and no formal bid has been confirmed.
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