Netflix is reconsidering its strategy of building content in-house as it reportedly explores the possibility of bidding for Warner Bros. Discovery’s feature and streaming assets. The streaming giant has enlisted investment bank Moelis Co to assist in this endeavor, aiming to bring together two major players in the animation industry.

Sources familiar with the discussions revealed that Netflix has gained access to Warner Bros. Discovery’s financial data room, indicating a serious level of interest. Acquiring these assets would provide Netflix with a rich collection of intellectual property, including iconic brands like Looney Tunes, Tom and Jerry, and the DC Comics universe, along with the extensive content production capabilities of Warner Bros. Animation and television divisions.

During Netflix’s recent Q3 earnings call, CEO Ted Sarandos emphasized the company’s cautious approach to acquisitions, focusing on enhancing its storytelling offerings. Sarandos clarified that Netflix is not looking to acquire traditional media networks like CNN or TNT, highlighting a strategic interest in content and streaming infrastructure. This potential bid aligns with Warner Bros. Discovery’s openness to acquisition offers, including from Skydance Media, as it evaluates a planned corporate split. Additionally, Comcast is also reportedly assessing Warner Bros. Discovery’s assets for potential synergy with its existing portfolio.

If Netflix proceeds and emerges victorious in the bidding process, this acquisition could mark a significant milestone in Hollywood, reshaping the dynamics between traditional studios and global streaming platforms.

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