Could Netflix Buy Warner Bros. Discovery? Talks Signal Bold Move in Streaming Wars

Netflix may be preparing to make its boldest move yet in the streaming wars. According to a Reuters report, the company is 'actively exploring' an acquisition bid for Warner Bros. Discovery and has hired investment bank Moelis & Co. to help assemble a potential offer. The development comes as Warner Bros. Discovery (WBD) confirmed it has received inbound interest from multiple parties and has begun reviewing proposals.

A Strategic Power Play

If successful, the deal could reshape the entertainment landscape. Netflix would gain access to Warner Bros.' vast content library, including iconic franchises like Superman, Batman, Harry Potter, Barbie, and cinematic classics such as Casablanca, Goodfellas, and The Shining. It would also deepen Netflix's relationship with Warner Bros. Television, which already produces shows like You, Maid, and Running Point for the platform.

However, Netflix co-CEO Ted Sarandos has signaled limits to the company's ambitions. In its Q3 earnings call, Sarandos said Netflix has 'no interest in owning legacy media networks,' suggesting that channels like CNN, TBS, HGTV, and Food Network would not be part of any deal. 'Nothing is a must-have for us to meet our goals,' he added, emphasizing Netflix's selective approach to mergers and acquisitions.

What's on the Table?

While the full scope of the potential acquisition remains unclear, sources say WBD has granted Netflix access to its financials. That could indicate serious interest in the studio and streaming assets—particularly Warner Bros. Pictures and HBO Max. The latter has seen renewed success with titles like Dune: Part Two, Beetlejuice Beetlejuice, and Godzilla x Kong: The New Empire, as well as 2025 hits including James Gunn's Superman, A Minecraft Movie, and Final Destination Bloodlines.

Netflix's move comes amid a wave of consolidation in the media industry. Paramount Global recently accepted a takeover bid from Skydance Media, advised by the same bank now working with Netflix. Meanwhile, Comcast is also reportedly considering a bid for WBD's studio and streaming divisions, though co-CEO Mike Cavanagh said the company would only pursue a deal if it clears regulatory hurdles following its Versant cable spinoff.

Competitive Pressure and Market Signals

Netflix's interest in WBD reflects a broader shift in strategy among streaming giants. As subscriber growth plateaus and content costs rise, companies are looking to secure premium IP and production capabilities. Owning Warner Bros. would give Netflix a powerful edge in original content, theatrical releases, and global licensing.

Still, the path to acquisition is far from guaranteed. WBD has already rejected three escalating bids from Skydance's David Ellison, including a $23.50/share offer deemed too low. Representatives for Netflix, Warner Bros. Discovery, and Moelis & Co. declined to comment on the reports.

What Happens Next?

Industry analysts expect more clarity in the coming weeks as WBD reviews offers and potential suitors finalize their bids. If Netflix proceeds, the deal could mark a historic merger—uniting the world's largest streaming platform with one of Hollywood's most storied studios.

For now, the streaming wars are heating up, and Netflix's next move could redefine the future of entertainment.