Netflix weighs bid for Warner Bros. Discovery assets with Moelis

Netflix is exploring a bid for Warner Bros. Discovery’s film and streaming assets, retaining investment bank Moelis & Company to evaluate a possible offer and gaining access to the company’s financial data room, three people familiar with the matter said. Warner Bros. Discovery and Moelis declined to comment. Netflix did not respond to requests for comment.

The move follows Warner Bros. Discovery’s announcement last week that it had begun a strategic review after receiving unsolicited interest from multiple parties. The company said its board would weigh whether to proceed with a planned split that would separate its studios, HBO and the HBO Max streaming service from its television networks, or to pursue a sale of all or parts of the business.

Moelis advised Skydance Media during its successful campaign to acquire Paramount Global, and the same adviser is now helping Netflix evaluate the economics and strategic fit of taking on Warner Bros. Discovery’s studio and streaming operations, according to two people with knowledge of the situation. Access to the data room gives prospective bidders the financial detail necessary to shape a formal offer.