Netflix is reportedly weighing a bold move: a potential bid to buy Warner Bros. Discovery’s studio and streaming arm. If it goes through, it would be one of the biggest shake-ups the entertainment world has seen in years. The deal would give Netflix control of major assets including Warner Bros.’ legendary film and TV studios, HBO, and the Max streaming service. It would also put iconic franchises like Harry Potter and DC Comics under Netflix’s umbrella — a massive boost to its content library and its rivalry with Amazon and Disney.
To explore the idea, Netflix has brought in Moelis & Company, a bank known for handling major media deals, and has reportedly been granted access to Warner Bros. Discovery’s financial data room. While Netflix CEO Ted Sarandos has often said the company prefers to “build” rather than buy, this move shows the streamer is open to expanding through acquisitions when the right opportunity comes along. Notably, Netflix has made it clear it’s not interested in taking over the company’s traditional cable networks like CNN or TNT — only the studio and streaming businesses are on the table.
Warner Bros. Discovery, meanwhile, is reviewing a series of unsolicited offers, including one from Paramount Skydance. The company has been weighing whether to spin off its studio and streaming units or sell parts of the business outright. If Netflix ends up sealing the deal, it would gain some of Hollywood’s most successful franchises, a deep production ecosystem, and access to HBO’s loyal subscriber base — all of which could elevate Netflix’s global dominance.
A merger of this scale could also set off new waves of consolidation in the media industry. Owning Warner Bros.’ huge library, upcoming projects like the new Harry Potter series, and the rebooted DC Universe would let Netflix diversify its offerings and attract premium subscribers. This reflects a larger trend in the streaming wars: platforms are increasingly relying on hit franchises, exclusive content, and large-scale catalogues to win over audiences and stay ahead in an increasingly crowded market.
Blog Overview: Netflix’s Possible Bid for Warner Bros. Discovery’s Studio and Streaming Division
Introduction: A Turning Point for Streaming
The streaming world has changed dramatically over the past few years. Growth is slowing, content costs are rising, and every platform is searching for the next big franchise to anchor its future. Netflix considering a bid for Warner Bros. Discovery’s studio and streaming business shows just how high the stakes have become.
Why Warner Bros. Discovery Matters
Warner Bros. Discovery owns some of the world’s most valuable entertainment properties — from Harry Potter to the entire DC Universe. The company also produces popular shows, including several that now stream as Netflix Originals like You, Maid, and Running Point. Add HBO’s prestige dramas and loyal fanbase, and the appeal is obvious.
If Netflix acquires these assets, it wouldn’t just be adding content — it would be absorbing a full-scale production powerhouse. This would help Netflix expand its global content slate, appeal to new audiences, and potentially bundle Max’s existing subscriber base into its ecosystem.
Financial and Market Stakes
Netflix hiring Moelis & Co. and gaining access to key financial documents suggests serious exploration of the deal. For Warner Bros. Discovery, selling parts of the company could help unlock value or allow a tighter focus on core businesses — especially as they evaluate competing offers like the one from Paramount Skydance.
If the acquisition happens, Netflix could strengthen its position as the industry leader, becoming the primary home for blockbuster franchises and premium storytelling.
Challenges Ahead
Ted Sarandos has said Netflix prefers building over buying, so this would mark a strategic shift. Netflix also isn’t interested in cable networks like CNN or TNT, sticking strictly to digital-first assets.
Integrating a massive media organization like Warner Bros. would be complicated. Streamlining operations, combining platforms, and unifying content strategies would all come with challenges. Regulators could also scrutinize a deal of this size due to its potential impact on competition.
What It Could Mean for the Future
If Netflix does move forward, it could dramatically alter the streaming landscape. Other companies might respond with mergers of their own, while audiences could see new crossovers, expanded universes, and a broader range of high-quality content.
This potential acquisition highlights the shift toward consolidation as companies fight for must-have franchises and long-term subscriber loyalty. In today’s streaming wars, owning the biggest stories may matter more than anything else.