Netflix and Comcast are showing interest in acquiring assets from Warner Bros. Discovery, with multiple potential suitors lining up for the media giant’s studio and streaming properties. Netflix has enlisted investment bank Moelis Co. to assist in its pursuit of Warner Bros. Discovery’s assets, following Paramount Skydance’s unsolicited cash offers. Moelis previously aided Skydance Media in acquiring Paramount Global.

Netflix’s interest is serious enough that the company has gained access to the necessary financial information for a potential bid. Paramount Skydance’s last reported offer for Warner Bros. Discovery was $23.50 per share, totaling around $58.2 billion, which included a proposal for CEO David Zaslav to continue as co-CEO in the merged entity.

Warner Bros. Discovery is currently in the process of dividing into two publicly-traded entities: ‘Warner Bros.’ for studios and streaming, and ‘Discovery Global’ for sports and news television brands. This split includes popular properties like CNN, TNT Sports, Discovery, and digital platforms such as Discovery+ and Bleacher Report.

Netflix, known for its strategy of internal growth over mergers and acquisitions, sees Warner Bros. as a valuable asset due to its extensive movie and TV portfolio, including franchises like ‘Harry Potter’ and DC Studios. Despite their focus on internal growth, Netflix’s co-CEOs Ted Sarandos and Greg Peters acknowledge the significance of Warner Bros. as a potential acquisition.

Comcast, the owner of NBCUniversal, also expressed interest in exploring third-party acquisition opportunities, particularly in streaming and studio assets. Following the spin-off of its TV assets into a new company called Versant, Comcast is considering complementary media assets to enhance its existing business.

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