Netflix has engaged Moelis & Co. to advise on a prospective bid for Warner Bros Discovery’s studio and streaming business. Moelis has gained access to WBD’s data room and will provide strategic guidance, financial modeling, and transaction structuring for the potential deal.
The engagement follows Moelis’s role in advising Skydance Media on its $28 billion merger with Paramount Global, which closed in August 2025. Moelis’s experience in large media transactions positions it to shape the offer and negotiate terms for Netflix.
Warner Bros Discovery is conducting a strategic review after receiving unsolicited offers, including from Paramount Skydance and Comcast. The company is evaluating a split into two entities, with the studio and streaming assets being a key component. WBD’s trailing‑twelve‑month net profit margin is –28.77 % and its debt‑to‑equity ratio is 92.73 %.
Netflix’s revenue for the twelve months ending June 30 2025 was $41.693 billion, up 14.84 % year‑over‑year. WBD reported Q1 2025 total revenues of $9.0 billion, down 9 % ex‑FX from the prior year quarter. Netflix has previously stated it is “more builders than buyers” but is evaluating the opportunity to acquire WBD’s intellectual property, including the Harry Potter and DC Comics franchises and HBO.
The engagement signals that Netflix is seriously considering a sale of WBD’s studio and streaming assets, though no finalized bid or negotiation has been announced. The deal would reshape the streaming landscape and could provide Netflix with a broader content library.
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