---
title: "Netflix taps bank to explore bid for Warner Bros Discovery"
description: "Oct 30 (Reuters) - Netflix is actively exploring a bid for Warner Bros Discovery's studio and streaming business, retaining a financial advisor and gaining access to financial information, according to three sources familiar with the matter."
type: "NewsArticle"
publisher: "Daily Maverick"
site: "https://www.dailymaverick.co.za"
section: "Newsdeck"
author: "Reuters"
author_url: "https://www.dailymaverick.co.za/author/reuters/"
canonical_url: "https://www.dailymaverick.co.za/article/2025-10-31-netflix-taps-bank-to-explore-bid-for-warner-bros-discovery/"
published: "2025-10-31T04:52:50"
updated: "2025-10-31T04:52:51"
lang: "en-ZA"
word_count: 403
---

# Netflix taps bank to explore bid for Warner Bros Discovery

> Oct 30 (Reuters) - Netflix is actively exploring a bid for Warner Bros Discovery's studio and streaming business, retaining a financial advisor and gaining access to financial information, according to three sources familiar with the matter.

By Reuters · Published 31 October 2025, 06:52 SAST · Updated 31 October 2025, 06:52 SAST

## Key points
- In a plot twist worthy of a Hollywood blockbuster, Netflix is eyeing Warner Bros Discovery, enlisting investment bank Moelis & Co to help navigate the potential acquisition of some of Tinseltown's most iconic franchises—because who wouldn’t want to own Harry Potter while simultaneously swearing off the legacy cable networks?
- Netflix engages Moelis & Co to explore a potential acquisition of Warner Bros Discovery, gaining access to critical financial data.
- The deal could grant Netflix control over iconic franchises like Harry Potter and DC Comics, enhancing its content library.
- CEO Ted Sarandos emphasizes Netflix's focus on strengthening its entertainment offerings, dismissing interest in legacy cable networks.
- Warner Bros Discovery is evaluating options after receiving unsolicited offers, including a potential split of its film and TV divisions.

## Content

By Dawn Kopecki, Dawn Chmielewski and Amy-Jo Crowley

The video streaming service has hired Moelis & Co, the investment bank that advised Skydance Media on its successful bid for Paramount Global, to evaluate a prospective offer, two of the sources said. Netflix also has been granted access to the data room, which contains the financial details needed to make a bid, according to two of the sources familiar with the matter.

Warner Bros Discovery and Moelis declined to comment. Netflix could not be reached for comment.

Owning Warner Bros' studio business would give Netflix control over some of Hollywood's most successful stories and characters, including the Harry Potter and DC Comics franchises. Warner Bros' prolific television studio also produces many of Netflix's hits, including original series like "Running Point," "You" and "Maid." HBO and its companion streaming service would add more prestige dramas, and subscribers.

Netflix CEO Ted Sarandos told investors last week that while the company is traditionally "more builders than buyers," it does evaluate acquisitions based on criteria such as the size of the opportunity and whether it would strengthen the company's entertainment offerings.

Sarandos indicated Netflix would not be interested in acquiring Warner Bros Discovery's cable television networks, which include CNN, TNT, Food Network and Animal Planet.

"We've been very clear in the past that we have no interest in owning legacy media networks," Sarandos said in the company's [third-quarter investor video](https://www.reutersconnect.com/all?search=all%3AL1N3W20ZW&linkedFromStory=true). "There is no change there."

Warner Bros Discovery announced last week that it would begin [evaluating options](https://www.reutersconnect.com/all?search=all%3AL4N3W20YI&linkedFromStory=true), after receiving a trio of unsolicited [offers from Paramount Skydance](https://www.reutersconnect.com/all?search=all%3AL4N3W317A&linkedFromStory=true)PSKY.O to acquire the entire company.

The company said its board would consider whether to [move forward with its planned split](https://www.reutersconnect.com/all?search=all%3AL4N3SC0Q7&linkedFromStory=true), which would separate the Warner Bros film and television studios, HBO and the companion HBO Max streaming service from its television business, or pursue a sale of all or parts of the company.

Comcast CMCSA.O[President Mike Cavanagh told investors](https://www.reutersconnect.com/all?search=all%3AL4N3WA27N&linkedFromStory=true) on Thursday the company is evaluating media assets that would be "complementary" to its existing business. He also appeared to dismiss those who are skeptical of Comcast winning regulatory approval, saying "more things are viable than maybe some of the public commentary that's out there."

(Reporting by Dawn Chmielewski in Los Angeles, Dawn Kopecki in New York and Amy-Jo Crawley in London; additional reeporting by Milana Vinn in New York; editing by Kenneth Li and Richard Chang)