Deadline has reported that Netflix is exploring a potential bid for Warner Bros. Discovery, retaining financial advisory Moelis & Co.
A source close to events confirmed that the streamer is “looking into” the possibility of the move, with a focus on WBD’s streaming and studio business.
Moelis & Co previously advised Skydance Media on its bid for Paramount Global.
The news comes after WBD rejected a second bid from Paramount, making a market-moving declaration that confirmed the company would consider offers.
Despite speculation surrounding a possible merger or acquisition, Warner Bros. Discovery’s media rights deal with AEW does not appear to be impacted as Dynamite and Collision continue to broadcast on TBS, TNT, and the streaming platform HBO Max.
Netflix is in the midst of its own media rights deal with WWE, broadcasting Raw in the United States and much of the company’s other programming internationally.