UPDATE: Netflix has agreed to buy Warner Bros. in an $82 billion deal.
Three years after the merger, Warner Bros. Discovery is back up for sale, and Netflix is said to be preparing an offer to buy the company's studios business.
Key parts of WB Discovery may soon be sold to the highest bidder, including the company's billion-dollar video games IP. Sources tell Reuters that content streamer Netflix is interested in securing WB Discovery assets, and has hired investment bank Moelis & Co to look over the potential offer.
Netflix wants to acquire WB Discovery's new Streaming and Studios company. This includes the full range of WB Discovery's production companies across TV, film, and games, the latter of which would be under Netflix's purview but may not be inherently useful to the group given its slow-rolling, casual-oriented focus on gaming.
Warner Bros.' games division, WB Games, is responsible for some of the most-acclaimed and best-selling video games on the market, including Hogwarts Legacy (34 million copies), the Mortal Kombat series (100 million copies), and the highly-lauded, generation-defining open-world Batman Arkham series.
Neither Netflix nor WB Discovery have commented on the rumors.
Check below to see how WB Discovery defines its Streaming and Studios business.
Streaming & Studios
With best-in-class creative capabilities and an unmatched library of beloved IP, Streaming & Studios will be one of the world's greatest storytelling companies. The company will be comprised of Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, HBO and HBO Max (including its international sports offering), Warner Bros. Games, Tours, Retail and Experiences, as well as studio production facilities in Burbank and Leavesden. Streaming & Studios will have dynamic and sustainable revenue, profit and free cash flow growth.
