WASHINGTON — Reports from Deadline and Reuters indicate that Netflix is contemplating a bid for Warner Bros. Discovery’s studio and streaming divisions.

The streaming behemoth has engaged the services of financial advisory firm Moelis & Co. to evaluate this potential acquisition, according to multiple sources. Moelis, known for its role in guiding Skydance Media’s successful acquisition of Paramount Global, is now reportedly assisting Netflix in examining the feasibility of acquiring significant assets from Warner Bros. Discovery, which include its film and TV studios, along with the HBO and Max streaming platforms.

According to Reuters, Netflix has already gained access to Warner Bros. Discovery’s financial data room, a crucial step in the evaluation process. A source familiar with the talks also confirmed to Deadline that Netflix is actively considering making a bid.

This development follows Warner Bros. Discovery’s recent confirmation of considering strategic alternatives after receiving multiple unsolicited acquisition offers, including proposals from Paramount Global and Skydance.

The company announced a review led by its board will consider whether to move forward with a planned split of its studio and streaming divisions from cable brands like CNN, TNT and Food Network, or to sell all or parts of the business.

A potential acquisition would give Netflix control over some of the most valuable franchises in entertainment, including Harry Potter, DC Comics and HBO originals like Game of Thrones and its various spin-offs. 

Warner Bros. Television also produces several hits already streaming on Netflix, including “You,” “Maid,” and “Running Point.”

Still, Netflix executives have signaled caution regarding potential acquisitions. Reuters reported that CEO Ted Sarandos told investors last week the company remains more focused on building than buying, but said they will evaluate deals based on whether they enhance Netflix’s entertainment offerings.

“We’ve been very clear in the past that we have no interest in owning legacy media networks,” Sarandos said in the company’s third-quarter earnings video. “There is no change there.”