Could Netflix one day become home to the DC Universe’s Superman and Batman superhero films, the Harry Potter and Barbie film series, and a treasure trove of classics like Casablanca, Bonnie and Clyde, Goodfellas, Unforgiven, and The Shining?
The streaming giant is “actively considering” some kind of acquisition proposal for Warner Bros. Discovery and has hired investment bank Morris & Co. to put together a potential proposal, according to a new Reuters report citing unnamed people. Mr. Morris served as financial advisor to David Ellison’s Skydance Media in its acquisition of Paramount Global, formerly Paramount Skydance.
Warner Bros. Discovery’s board of directors announced last week that it has received inbound M&A interest from “multiple parties” and has begun the process of considering such offers. Reuters reports that WBD gave Netflix access to the company’s financial information as part of putting together an M&A proposal. It’s unclear whether Netflix’s bid will also include Warner Bros. Discovery’s HBO Max business.
Warner Bros. Discovery and Morris Inc. declined to comment. A representative for Netflix did not immediately respond to a request for comment Friday.
Netflix co-CEO Ted Sarandos told investors during last week’s third-quarter earnings call that the company is “not interested in owning a traditional media network,” suggesting that an acquisition of entire WBD, which includes networks such as CNN, TBS, HGTV and Food Network, is off the table. Sarandos said Netflix can “pick and choose” its M&A goals, but added that “nothing is absolutely necessary to achieve the goals we have for the business.”
Netflix’s reported active interest in possibly acquiring some of WBD’s assets comes after Paramount Skydance’s Ellison escalated three bids and made an aggressive offer for the entire company. WBD rejected all three companies, including Ellison’s latest price of $23.50 per share, as too low.
Comcast is also said to be considering a potential bid for Warner Bros. Discovery, but like Netflix, it appears to be focused solely on the studio and streaming side. Comcast co-CEO Mike Kavanaugh told analysts on Comcast’s third-quarter earnings call Thursday morning that it would be a “high hurdle” for the company to consider a major merger. But he didn’t rule anything out, suggesting Comcast’s ability to secure federal approval for any deal will improve once the spinoff of its linear cable channels (excluding Bravo) into Versant is completed later this year.
“I think there’s probably a lot more achievable in terms of what we’re looking for and where we’re going to be post-Versant Spin than the public opinion that’s out there,” Kavanagh said.
The Warner Bros. movie studio’s 2025 box office hits include James Gunn’s Superman, The Minecraft Movie, Ryan Coogler and Michael B. Jordan’s Sinners, Bloodline, Brad Pitt’s F1: The Movie and Weapons, a change from past years. Highlights for the studio category in 2024 were “Dune: Part 2”, “Beetlejuice, Beetlejuice”, and “Godzilla x Kong: New Empire” on the movie side.
Meanwhile, Warner Bros. Television produces shows such as “Running Point,” “You,” and “Maid” for Netflix. Other top-rated shows on WB Television include “Abbott Elementary,” “Shrinking” and “The Voice.”
Above: James Gunn’s 2025 ‘Superman’
