(Bloomberg/Rob Golum) — Netflix Inc. is actively exploring a bid for Warner Bros. Discovery Inc.’s studio and streaming businesses, Reuters reported, citing people with knowledge of the matter.
The streaming company has hired Moelis & Co. as its financial adviser, the news service said, and has gained access to financial data needed to evaluate whether to make a bid.
Netflix and Moelis didn’t immediately respond to a request for comment by Bloomberg News. Warner Bros. declined to comment.
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Bloomberg News reported earlier that Netflix and Comcast Corp. are weighing bids for parts of the company. Comcast executives discussed their M&A strategy on an earnings call Thursday.
Warner Bros. announced on Oct. 21 that it’s weighing strategic options, including a possible sale of the company, following expressions of interest from multiple parties. The company is the parent of the Warner Bros. film and TV studios, the HBO Max streaming service and a stable of cable TV channels.
On an earnings call earlier this month, Netflix co-Chief Executive Officer Ted Sarandos said his company doesn’t need a deal to achieve its goals. But the company looks at all opportunities and is interested in intellectual property that makes its service more appealing to customers. Management has no interest in buying cable TV networks and is primarily focused on using its extra cash on other initiatives.
Paramount Skydance Corp., the film and TV company led by David Ellison, has already made three bids for Warner Bros., Bloomberg has reported, and was rebuffed for being too low.
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