Netflix is actively exploring a bid for Warner Bros Discovery’s studio and streaming business, retaining a financial advisor and gaining access to financial information, according to three sources familiar with the matter.

The video streaming service has hired Moelis & Co, the investment bank that advised Skydance Media on its successful bid for Paramount Global, to evaluate a prospective offer, two of the sources said. Netflix also has been granted access to the data room, which contains the financial details needed to make a bid, according to two of the sources familiar with the matter. Warner Bros Discovery and Moelis declined to comment. Netflix could not be reached for comment.

Owning Warner Bros’ studio business would give Netflix control over some of Hollywood’s most successful st

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