Could Netflix become the future home of the DC Universe’s Superman and Batman superhero films, the Harry Potter and Barbie film franchises — and owner of a trove of classics like “Casablanca,” “Bonnie and Clyde,” “Goodfellas,” “Unforgiven” and “The Shining”?
The streaming powerhouse is “actively exploring” some type of acquisition bid for Warner Bros. Discovery and has retained investment bank Moelis & Co. to put together a prospective offer, according to a new report from Reuters, citing anonymous individuals. Moelis was the financial adviser to David Ellison’s Skydance Media in its takeover of Paramount Global to former Paramount Skydance.
Warner Bros. Discovery’s board last week announced that it had received in-bound M&A interest from “multiple parties” and has commenced a process to review such offers. Per the Reuters report, WBD has granted Netflix access to its financials as part of assembling a prospective M&A offer. It’s not clear if a Netflix bid would also include Warner Bros. Discovery’s HBO Max business.
Warner Bros. Discovery declined to comment. Reps for Netflix did not immediately respond to requests for comment Friday.
Netflix co-CEO Ted Sarandos told investors on its Q3 earnings interview last week that the company has “no interest in owning legacy media networks,” indicating that an acquisition of WBD in its entirety — including networks like CNN, TBS, HGTV and Food Network — is off the table. Sarandos did say Netflix can be “choosy” about its M&A targets, but he added: “Nothing is a must-have for us to meet our goals that we have for the business.”
Netflix’s reported active interest in buying perhaps some of WBD’s assets comes as Paramount Skydance’s Ellison has made aggressive overtures — with three escalating bids for the entire company. WBD has rejected all three as too low, including Ellison’s most recent one for $23.50/share.
Comcast also is said to be looking at a potential bid for Warner Bros. Discovery, although, like Netflix, seemingly just for the studios and/or streaming side of the house. Mike Cavanagh, Comcast co-CEO, told analysts during Comcast’s Q3 earnings call Thursday morning that “the bar is high” for the company to consider a major merger of acquisition. But he didn’t rule anything out — and suggested that Comcast’s ability to secure federal approval for any transaction would improve once the spinoff of its linear cable channels (other than Bravo) into Versant is completed later this year.
Cavanagh said that “what we’d be looking for and what we’re going to look like post-Versant spin, I think more things are viable than maybe some of the public commentary that’s out there.”
Box-office hits in 2025 for Warner Bros.’s film studios, in a turnaround from past years, have included James Gunn’s “Superman,” “A Minecraft Movie,” Ryan Coogler and Michael B. Jordan’s “Sinners,” “Final Destination Bloodlines,” Brad Pitt’s “F1: The Movie,” and “Weapons.” In 2024, the studios segment’s highlights were “Dune: Part Two,” “Beetlejuice, Beetlejuice” and “Godzilla x Kong: The New Empire” on the film side.
Meanwhile, Warner Bros. Television has produced shows for Netflix including “Running Point,” “You” and “Maid.” Other top-rated shows from WB Television include “Abbott Elementary,” “Shrinking” and “The Voice.”
Pictured top: James Gunn’s 2025 “Superman”
