Netflix Weighs Bid for Warner Bros. Discovery's Media Empire

Netflix is actively exploring an acquisition of Warner Bros. Discovery’s studio and streaming business, a major potential strategy shift for the streaming giant, as first reported by Reuters. The company has hired investment bank Moelis & Co. and gained access to WBD’s financial data room to evaluate a deal.

• A company in play: The move follows WBD’s own announcement that it was reviewing “strategic alternatives” after receiving “unsolicited interest” from multiple suitors. The media conglomerate, which has already turned down bids from rival Paramount, appears officially open for business.

• Builders become buyers: An acquisition would mark a major pivot for Netflix, whose co-CEO Ted Sarandos has famously described the company as being "more builders than buyers." But by targeting only the studio and streaming assets, the move would align with his stated disinterest in owning "legacy media networks."

• The ultimate prize: A successful deal would hand Netflix a treasure trove of valuable IP, including the Harry Potter and DC Comics franchises, the HBO Max and Discovery+ streaming services, and international sports assets like Eurosport. Such a move would massively accelerate its push into live sports.

This exploration signals a potential turning point for Netflix, moving from a focus on organic growth to acquiring a legacy studio's massive content library to secure its dominance in the next phase of the streaming wars.

The battle for WBD is heating up, with reports that Amazon, Apple, and Comcast are also circling. Meanwhile, a potential full merger with Paramount could create a US sports broadcasting powerhouse. The move comes as Netflix continues to expand its content ambitions in other areas, recently striking a partnership with Spotify to jump into video podcasts.