According to three informed sources, Netflix is actively exploring the acquisition of Warner Bros. Discovery's film studio and streaming business, having engaged financial advisors and obtained financial data.

Two of the sources revealed that the streaming giant has hired investment bank Moelis & Co to evaluate a potential acquisition bid. Moelis previously advised Skydance Media on its successful acquisition of Paramount. Additionally, Netflix has been granted access to financial details necessary for structuring an offer.

Owning Warner Bros.' film operations would grant Netflix control over some of Hollywood's most successful franchises, including Harry Potter and the DC Comics series. Warner Bros.' prolific TV studio also produces many of Netflix's hit shows, such as "Running Point," "You," and "Maid." Acquiring HBO and its streaming service would further expand Netflix's portfolio of premium content and subscriber base.

Netflix CEO Ted Sarandos told investors last week that while the company has traditionally been "more of a builder than a buyer," it evaluates acquisitions based on factors such as strategic fit and potential to enhance its entertainment offerings.