Netflix is researching offers for Warner Bros Discovery.

Netflix is exploring a bid for Warner Bros Discovery's studio and streaming business.

According to three sources speaking to Reuters, Netflix has hired investment bank Moelis & Co to examine the deal. This firm also provided advisory for Skydance Media's successful bid for Paramount Global.

Additionally, it has been reported that Netflix has gained access to Warner Bros Discovery’s financial data, an important step in evaluating a potential bid. Both Warner Bros and Moelis declined to comment, while Netflix was unreachable.

Owning a studio would give Netflix control over some of Hollywood's most successful stories and characters, particularly the Harry Potter and DC Comics franchises.

Last week, Netflix CEO Ted Sarandos informed investors that the company is considering acquisitions that could strengthen its content, but clarified that Warner Bros Discovery is not interested in its cable networks.

Warner Bros has received multiple unsolicited offers to acquire the company. Its board is evaluating whether to continue with the planned split or consider selling all or part of the business.