Netflix Explores $40 B Bid for Warner Bros Discovery Studio and Streaming Business

Netflix has retained bank Moelis & Co. and gained access to Warner Bros Discovery’s financial data as it explores acquiring the media giant’s studio and streaming operations. 

The deal could give Netflix control of franchises such as Harry Potter and DC Comics, while boosting its content library. The streamer has stressed it favors building over buying but will consider major deals if they align strategically. 

Warner Bros Discovery is reviewing multiple offers and weighing whether to proceed with its planned split of studio and TV business, or to sell segments or the whole company. 

Netflix says it is not interested in acquiring legacy cable networks such as CNN or TNT, focusing instead on scalable streaming-first assets. 

If it goes ahead, the acquisition would mark one of the biggest consolidation moves in the entertainment sector and reshape how media companies build global streaming power.