Overview
- Netflix engaged Moelis & Co. and, according to multiple reports, has accessed WBD’s data room to evaluate a possible offer for the studio and streaming businesses.
- Warner Bros. Discovery confirmed a board-led review after receiving unsolicited interest from several parties, including Paramount/Skydance, and is weighing structural options such as a split.
- No binding offer has been announced, and any transaction would face heightened antitrust scrutiny in the U.S. and Europe, with analysts estimating a price in the $40–60 billion range.
- Netflix leaders Ted Sarandos and Greg Peters have stated the company does not want traditional linear TV networks, indicating any bid would exclude cable channels.
- A successful deal would bring franchises like Harry Potter, The Lord of the Rings, Friends, and DC as well as HBO’s streaming assets to Netflix, though integration challenges would be significant.