Netflix is exploring a potential acquisition of Warner Bros Discovery’s studio and streaming operations, marking one of its most ambitious moves yet in the entertainment industry, according to three sources familiar with the matter.

The streaming giant has hired investment bank Moelis & Co, which recently advised Skydance Media in its successful bid for Paramount Global, to assess a possible offer, two of the sources said. Netflix has also been granted access to Warner Bros Discovery’s financial data room, providing the company with detailed financial information necessary to evaluate a bid, according to two of the sources. Advertisement

Warner Bros Discovery and Moelis declined to comment, while Netflix could not be reached for a statement.

If successful, the acquisition would give Ne

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