Netflix may be preparing to make a bold move in the entertainment industry. According to a new report from Deadline.com, the streaming giant is exploring a possible acquisition of Warner Bros. Discovery (WBD). The development comes despite earlier speculation that Paramount was also eyeing a deal.

Deadline reports that Netflix has enlisted the services of financial advisory firm Moelis & Co. to evaluate the potential purchase, focusing on WBD’s studio and streaming operations. Moelis & Co. previously worked with Skydance Media during its bid for Paramount Global, and Netflix has reportedly been granted access to WBD’s financial information as part of its due diligence.

This potential move would mark a significant strategic shift for Netflix. Historically, the company has emphasized that theatrical releases are not a core component of its business model, aside from limited runs to support award campaigns. Acquiring a company with a major theatrical presence like Warner Bros. would therefore represent a substantial change in direction.

The potential deal could also have implications for the world of professional wrestling. Netflix currently holds the global streaming rights for WWE programming, while AEW content airs on WBD’s networks, including TNT and Max. However, the report stresses that a merger between the two wrestling promotions is highly unlikely, as both companies retain ownership of their respective content while the networks act solely as distributors.

Should a sale move forward, the balance could tip in favor of WWE, which remains the more commercially powerful brand. AEW, on the other hand, could face challenges similar to ECW’s downfall after TNN acquired WWE programming years ago, an example of how network realignments can shift the wrestling landscape.

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