Netflix May Be Eyeing Warner Bros. Discovery — Here’s What the Co-CEO Says

Netflix might be exploring the idea of buying Warner Bros. Discovery, according to last month’s report that has stirred conversation across Hollywood.

The streaming giant’s possible interest comes just as another major player, Paramount CEO David Ellison, is said to be preparing a cash offer for the company.

Journalist Dylan Byers from Puck reported that “a well-placed Hollywood source called to suggest […] that Netflix was also considering a bid for David Zaslav’s assets.”

While Byers noted that such an idea once seemed unlikely, he added that Ellison’s big move may have triggered other companies to act faster. “Ellison’s seemingly limitless cash and ambition have accelerated Hollywood’s consolidation process,” Byers wrote, explaining that this new wave of interest could reshape how major studios compete.

Warner Bros. Discovery has had a strong year, with box office successes like Barbie, Superman, Sinners, and Weapons keeping it in the spotlight. Still, some financial experts are not convinced the company’s stock will rise much higher.

Wells Fargo analyst Steven Cahall told Puck that he expects Warner Bros. Discovery shares to stay around $19 each and added that “neither Apple nor Amazon will go for all of WBD.”

As for Netflix, co-CEO Greg Peters recently spoke at Bloomberg’s Screentime conference, where he was asked about the reports of a possible deal. Peters didn’t confirm the rumors but didn’t completely rule them out either.

“We come from a deep heritage of being builders rather than buyers,” he said. “I also think that one should have a reasonable amount of skepticism around big media mergers, they don’t have an amazing track record over the history of time.” He added, however, that Netflix has a duty to “evaluate all our options.”

Peters went on to say that the company’s main focus is still on growth and smart investment. “Our job is to figure out what’s the best way to grow our business? And we have to think really carefully, how do we invest our capital, our time and our attention, and if that’s the best way to do it, great, and if it’s not, then we should do something else.”

Beyond potential acquisitions, Netflix is also expanding into gaming. Peters revealed that several new family-friendly party games—like LEGO Party!, Pictionary: Game Night, Boggle Party, and Tetris Time Warp—will soon arrive on TV sets through Netflix.

He also touched on viewer engagement, admitting the company isn’t seeing as much growth as he’d like. “I’m not happy with the fact that we’re not growing engagement,” Peters said. “We should grow more engagement.” But he made it clear that Netflix isn’t planning to compete directly with platforms like YouTube.

“I think the dumbest move would be to try and match them in every way,” he said. “Because I think you have to really know what lane you’re operating in, and then you try and be excellent at that and then defend that lane.”

Peters added that Netflix plans to keep investing in storytellers rather than shifting toward user-generated content.

“We invest with creators so they can tell their stories in really, really compelling ways,” he said. “Some of those folks are going to come from YouTube. They’re going to come from TikTok.”

Whether Netflix actually moves forward with a bid for Warner Bros. Discovery remains uncertain, but the growing interest from multiple companies shows that Hollywood is once again heading toward major change.

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