The media world may be in for another seismic shift, with reports suggesting that Netflix is exploring a bid to acquire Warner Bros. Discovery, one of Hollywood’s most storied studios.
According to Reuters, the streaming giant has hired investment bank Moelis & Co. to evaluate a potential offer. The bank is the same one that helped David Ellison’s Skydance Media complete its acquisition of Paramount earlier this year.
Sources told Reuters that Netflix has been granted access to Warner Bros. Discovery’s financial data room—a significant step toward a possible formal bid. If successful, the deal would mark Netflix’s first major move into traditional studio ownership, blending its streaming empire with a century-old film legacy.
Skydance, fresh off merging with Paramount to form Paramount Skydance, is also vying for control of Warner Bros. Discovery. The Wall Street Journal previously reported that the Ellison-led company is preparing a majority-cash offer.
Ellison, the son of Oracle billionaire Larry Ellison, recently appointed former opinion columnist Bari Weiss to lead CBS—an unconventional choice that has drawn both curiosity and criticism within media circles.
Analysts say neither Netflix nor Skydance offers a clear “best fit” for Warner Bros. Netflix has been accused of favouring quantity over quality in its film catalogue, while the Ellisons have faced criticism for allegedly steering their media ventures toward political alignment.
Still, Paramount Skydance is seen as the frontrunner. The New York Post reported earlier this month that a senior Trump administration official suggested regulatory approval may come easier for the Ellisons, who “have been successful at getting deals through the White House.”
With other tech giants such as Apple and Amazon also reportedly circling, the battle for Warner Bros. could redefine the entertainment industry’s balance of power.
