Netflix Weighs Bid for Warner Bros. Discovery’s Studio and Streaming Units

Overview

• Netflix has retained Moelis & Co. and secured access to Warner Bros. Discovery’s data room to evaluate a potential offer, according to reports citing people familiar with the process.
• The scope under consideration centers on the Warner Bros. film and TV studios, HBO and its streaming service, with cable channels excluded based on Netflix leadership’s stated preferences.
• Warner Bros. Discovery is conducting a strategic review that contemplates a separation of studio and streaming assets from its cable-TV operations or a partial or full sale.
• Paramount Skydance previously submitted three unsolicited bids for the company that were rejected as insufficient, highlighting a competitive landscape for any transaction.
• Comcast executives said they are assessing complementary media assets and the regulatory pathway, while Warner Bros. Discovery and Moelis declined comment and Netflix did not respond.