Netflix has engaged investment bank Moelis & Co. to evaluate a potential offer for Warner Bros. Discovery’s studio and streaming business, including Warner Bros. Pictures, HBO, DC, and Max. The evaluation follows Warner Bros. Discovery’s board‑initiated strategic review of alternatives that began on October 21, 2025.
Warner Bros. Discovery has already received three unsolicited offers from Paramount Skydance, which completed its merger with Paramount Global on August 7, 2025, in an $8 billion transaction. All three offers were rejected by Warner Bros. Discovery, which is now exploring other options.
The potential acquisition would give Netflix access to a library of more than 30,000 films and television series, and would add Warner Bros. Discovery’s streaming platform Max to Netflix’s portfolio. Netflix’s CEO, Ted Sarandos, has said the company is “more builders than buyers” and is not interested in acquiring legacy media networks such as CNN.
Warner Bros. Discovery’s Q3 2025 revenue was $7.5 billion, down 3.7 % year‑over‑year, and the company carries $30 billion of debt. The planned split into a “Streaming & Studios” unit and a “Global Networks” unit is intended to address the debt load and create more focused entities by mid‑2026.
Netflix’s Q3 2025 subscriber base reached 232 million, with growth of 1.5 million subscribers and an average revenue per user of $12.50. The company also completed a 10‑for‑1 stock split on October 1, 2025, which increased its share count and diluted the share price.
A merger of this scale would likely face significant regulatory scrutiny, particularly under antitrust laws, and would require approval from multiple jurisdictions.
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