Netflix Eyes Warner Bros. Discovery Assets

Netflix is exploring a bid to acquire Warner Bros. Discovery’s studio and streaming business and has retained Moelis & Co., gaining access to WBD’s financial data room to prepare an offer. Such a deal would bring major franchises and assets — including Harry Potter, the DC universe, HBO/HBO Max content and gaming properties — to Netflix and would rank among the largest transactions in Hollywood history. Warner Bros. Discovery has confirmed a strategic review after receiving multiple unsolicited offers, and brokers have discussed a potential price in the $50–60 billion range. Netflix faces competition from Paramount/Skydance and other suitors; Barclays has warned a takeover could limit Netflix’s strategic flexibility, while Netflix leadership says it remains “more builders than buyers” and is not seeking WBD’s legacy cable networks. The potential acquisition would raise questions about the future leadership and creative direction of DC Studios and HBO and could materially reshape the streaming and entertainment landscape.