Netflix hires Moelis & Co to evaluate bid for WBD’s studio and streaming divisions

Global streamer Netflix is reportedly considering a bid for Warner Bros Discovery (WBD)’s studio and streaming business, as it eyes taking control of lucrative IP including the Game of Thrones, Harry Potter and DC Comics franchises.

Ted Sarandos

According to Reuters, Netflix bosses have engaged the services of New York-based investment bank Moelis & Co to assess a prospective offer for the entertainment giant, which is also the subject of interest from David Ellison’s Paramount.

However, it is thought that Netflix has no interest in acquiring WBD’s portfolio of cablenets, such as Animal Planet, TNT and CNN.

Netflix co-CEO Ted Sarandos told an investor call recently: “We’ve been very clear in the past that we have no interest in owning legacy media networks. There is no change there.”

Moelis & Co was the financial adviser behind Skydance’s purchase of Paramount Global, with Netflix now being granted access to the WBD data room which contains the financial details needed to make a bid.

Any potential bid would see the streamer vie to take over one of the most enviable IP inventories in the entertainment world. It includes Superman, Batman and Wonder Woman from the DC Comics brand, as well as Harry Potter’s wizardry universe and fantasy drama Game of Thrones and its various spin-offs.

WBD’s streaming service HBO Max, would also be of obvious interest to Netflix, offering a range of prestige scripted series and the opportunity to add more subscribers if consumed into Netflix.

WBD is in the midst of splitting into two, with one company (Warner Bros) housing the studio and streaming assets including HBO, HBO Max, Warner Bros Television and Warner Bros Motion Picture Group, and the other housing the linear networks and several other assets, including Discovery+, all under the Discovery Global brand.

Paramount has reportedly already had three bids for WBD rebuffed.