Overview
- Netflix has hired Moelis & Co. and, per reports, received access to Warner Bros. Discovery’s financials to evaluate a potential bid.
- Warner Bros. Discovery formally confirmed a strategic review to field offers after receiving interest from multiple parties.
- Paramount Skydance has made multiple offers that WBD leadership rejected, with other potential buyers said to include Apple, Comcast and Amazon.
- WBD continues to plan a 2026 separation of its studio/streaming assets from its linear networks, a structure that could influence deal scopes and valuations.
- Netflix leaders have indicated they do not want traditional TV channels, suggesting any proposal would likely focus on film and streaming assets as debate grows over consolidation and creative risks.