Netflix is reportedly looking into a bid for Warner Bros. Discovery

The streaming giant has hired a bank to explore a potential offer for its studio and streaming business, according to Reuters.

by Emma Roth

Oct 31, 2025, 3:30 PM UTC

Illustration by Alex Castro / The Verge

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Emma Roth is a news writer who covers the streaming wars, consumer tech, crypto, social media, and much more. Previously, she was a writer and editor at MUO.

Yet another rumor suggests that Netflix is interested in buying Warner Bros. Discovery’s studio and streaming businesses. On Friday, Reuters reported that Netflix is “actively exploring” a bid for the company and has hired a bank to look into a potential offer.

Sources tell Reuters that Netflix now has access to Warner Bros. Discovery’s “data room,” which the outlet says “contains the financial details needed to make a bid.” Last week, Bloomberg reported that Netflix, Amazon, and Apple are all considering purchasing parts or all of the company. Comcast co-CEO Mike Cavanagh has also left the door open to a potential deal.

When asked about Warner Bros. Discovery’s move to put itself up for sale, Netflix co-CEO Ted Sarandos said during an earnings call last week that the streaming giant has “historically” been “more builders than buyers.” However, Sarandos added that Netflix still evaluates mergers and acquisition opportunities to see whether they would add value to the business.

“In general, we believe that we can be and we will be choosy,” Sarandos said. “We have a great business. We’re predominantly focused on growing organically, investing aggressively and responsibly into the growth.” Sarandos added that Netflix has “no interest in owning legacy media networks.” Warner Bros. Discovery owns legacy channels like CNN, TNT, and HGTV.

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