According to sources cited by Reuters, Netflix is considering making an offer for Warner Bros. Discovery's (WBD) studio and streaming businesses. The platform has reportedly hired the firm Moelis & Co as a financial advisor to analyze the feasibility of a proposal.
This potential move comes amid WBD's ongoing strategic review, which includes Options such as a full sale, a partial sale, or a spin-offNetflix co-CEO Ted Sarandos has reiterated that the company does not need acquisitions to meet its goals, although it is examining sensible opportunities and has no interest in cable TV channels.
What is known so far
The published reports indicate that Moelis & Co is supporting Netflix in the analysis and that the company would have obtained access to key WBD financial data to assess a potential bid. Neither Netflix nor Moelis responded to requests for comment, and Warner Bros. Discovery declined to comment.
Bloomberg had already reported that Netflix and Comcast were considering offers for certain assets From WBD. Comcast executives, meanwhile, recently outlined their views on mergers and acquisitions in a call with investors.
In recent days, Warner's parent company has acknowledged that it is considering various alternatives. after receiving expressions of interest from multiple partiesThe area under study focuses on Warner Bros. film and television studios, as well as HBO and its streaming service associated.
Netflix's top management insists that the priority is to strengthen the value proposition with intellectual property that attracts more subscribers, keeping traditional linear networks off the radar.
What assets would enter the equation?
A deal for WBD's studios and streaming would put them in Netflix's hands. some of Hollywood's most powerful franchises and a catalog with great global recognition. It would also align HBO/Max with Netflix's distribution, two platforms with complementary profiles and audiences.
In addition, Warner Bros.' television studio is a supplier of several hits on Netflix, which reinforces the potential synergies. Titles and universes like Harry Potter or DC These are examples of the scope that content could have under the same structure.
- Warner Bros. Studios: film and television production with global brands.
- HBO and Max: prestige dramas and a well-established streaming service in Europe.
- Catalog and IP: franchises with high commercial value and audience loyalty.
It is worth emphasizing that, if this were to happen, Netflix would maintain its stance of not acquiring cable channelsexcluding linear assets such as CNN, TNT or similar.
Other suitors and the competitive context
In parallel, Paramount Skydance has made several offers According to various reports, WBD's bids were rejected for failing to meet the board's expectations. Comcast has also been mentioned as a potential buyer, and Amazon's name frequently appears in industry analyses on the technology front.
The convergence of these actors paints a picture of consolidation, with foreseeable antitrust scrutiny both in the United States and in the European Union. Any major operation will require regulatory approval, with particular attention paid to the impact on competition and content diversity.
On this board, many ratings are kept in reserve and change rapidly. The reality is that WBD explores alternatives And those involved are discreetly refining their figures.
Implications for Spain and Europe
If a proposal were to move forward, the impact on the European market could be significant. Max operates in Spain and much of Europe, and its integration with Netflix's distribution would raise questions about catalogs, exploitation windows, and licensing agreements in place in the region.
For users, the effects could range from Changes in the availability of series and films This could include price adjustments or bundled packages, depending on how the joint offer is structured. European authorities, for their part, would assess the resulting market share of streaming services and the commitments needed to preserve competition.
- Catalogue: possible reorganization of titles, franchises and premieres in Spain/EU.
- Prices and plans: possible changes depending on the final service structure.
- Regulatory: European Commission assessment and requirements for approving the operation.
There would also be industrial implications: European co-productions, local investments and quotas for European works They would remain under scrutiny, forcing each country to maintain or strengthen its commitments.
Market signals and next steps
On the stock market, the news has been received with optimism by WBD investors. prices rose after the interest became knownHowever, the process depends on an offer being made and its acceptance by the company's board.
Netflix's recognized philosophy is "build before you buy," although Management evaluates acquisitions on a case-by-case basis. when they reinforce the entertainment offering. Moelis & Co's involvement suggests that the analysis is in a serious, albeit still exploratory, phase.
The schedule is subject to the formal WBD process and to the due diligence process is underwayIf there are any developments, they will first come in the form of a non-binding term sheet, followed by corporate approvals and, ultimately, regulatory reviews in major markets.
Netflix's interest in WBD's studios and streaming services puts the sector at risk of a major reconfiguration: If the deal goes through, it would change the balance of power in streaming, with direct effects on how we watch and pay for content in Spain and Europe, and with European regulators as key arbiters of the final outcome.
