Netflix Prepares Bid for Warner Bros.

Netflix has reportedly retained financial advisory firm Moelis & Co. for a potential bid of Warner Bros.’ studio and its streaming assets. Moelis, notably, is the same investment bank that advised Skydance Media during its Paramount takeover — a deal Skydance ultimately won.

Last night, Deadline broke the news, citing a source who confirmed Netflix is “looking into” pursuing part of Warner Bros. Discovery.

Meanwhile, Warner Bros. Discovery has already rejected three Paramount bids for the entire company, with a fourth reportedly in the works. Paramount remains intent on acquiring all of WBD, while Netflix’s interest appears targeted solely at the studio and streaming arm.

Netflix co-CEOs Greg Peters and Ted Sarandos emphasized on their latest earnings call that the company has “no interest in owning legacy media networks.” Conveniently, WBD plans to split into two entities next year — and Netflix is expected to be eyeing only the Warner Bros. side, which includes the studio and streamer.

With the field of serious bidders shrinking, the race may realistically come down to Paramount and Netflix. Ellison’s Skydance has already shown it’s not afraid to scale aggressively, and Netflix represents the only other heavyweight with both motive and means.

If Netflix were to take control of Warner Bros., it would mark a grim chapter for theatrical cinema—unless, somehow, Netflix used the studio as a theatrical engine, which they won’t. Netflix’s long-term objective has always been a streaming-first ecosystem. Under their ownership, Warner Bros.’ cinematic legacy risks being absorbed and retooled for the platform era.

Imagine Christopher Nolan’s films — once synonymous with grand theatrical exhibition — locked inside a streaming library. Imagine the DC Universe flattened into a content funnel. This isn’t just consolidation; it’s the slow dismantling of the traditional film industry.

James Gunn can’t be sleeping too soundly right now.