Netflix Eyes Warner Bros. Discovery: What It Means for Gamers

Netflix is reportedly exploring a bid to acquire Warner Bros. Discovery, a move that could bring Warner Bros. Games and its massive library of franchises under the streaming giant’s umbrella.

Netflix Exploring Landmark Deal to Acquire Warner Bros. Discovery Studios

The news comes shortly after Warner Bros. Discovery confirmed it had received “unsolicited interest” from multiple parties and was opening the door to potential bids.

According to Deadline and Reuters, Netflix has hired investment bank Moelis & Co to evaluate a possible offer. This is the same firm that advised Skydance Media during its merger talks with Paramount, giving Netflix access to Warner Bros. Discovery’s financial details.

If this deal goes through, the implications for gaming could be huge. Warner Bros. Games currently owns some of the industry’s most valuable IPs, including Mortal Kombat, Harry Potter, DC Comics, and Game of Thrones. The division also oversees major studios such as NetherRealm Studios, Rocksteady Studios, Avalanche Software, TT Games, and multiple WB Games branches across North America. All of these assets would likely be part of any acquisition package.

For Netflix, this would mark a bold step in its ongoing push into gaming. While the company has experimented with mobile titles and smaller projects in recent years, it hasn’t yet made a major breakthrough in the space. Folding WB Games into Netflix Games could instantly give the streamer a foothold with blockbuster franchises and established development teams. Still, it’s unclear whether Netflix would fully integrate WB Games or allow it to operate independently.

Interestingly, Netflix’s leadership has previously downplayed the idea of large-scale acquisitions. Co-CEO Greg Peters said during an earnings webcast that building capabilities “day to day” was more important than buying another company still developing its own. Co-CEO Ted Sarandos also stated that Netflix had “no interest in owning legacy media networks.” Yet, the potential of Warner Bros. Discovery’s assets, spanning HBO, DC Studios, Warner Bros. Television, and Warner Bros. Games, may be too significant to ignore.

WB Games has delivered some of the most successful titles of the past decade, including Hogwarts Legacy, which sold over 34 million copies, and the Mortal Kombat franchise, which has surpassed 100 million units sold. The Batman: Arkham series also remains one of the most acclaimed superhero game franchises ever made. If Netflix were to secure these IPs, it could instantly transform its gaming division from a side project into a serious competitor.

Warner Bros. Discovery recently rejected a second bid from Paramount, instead launching a strategic review process to weigh its options. That decision effectively confirmed the company is for sale, and Netflix is now one of the frontrunners in the conversation.

Neither Netflix nor Warner Bros. Discovery has commented publicly on the reports.