The state of evolution in the TV and streaming world currently is essentially constant. Big-time properties are changing hands, new streaming services are launching while others struggle to continue, and each media company is looking for answers as it tries to determine its own future. Warner Bros. Discovery is confronted with a huge debt load and an uphill climb to success, but it’s attracting interest from more than one company; Paramount has shown a desire to acquire WBD, and now Netflix appears to be jumping into the fray.

Dylan Byers of Puck News reports that a well-placed Hollywood source told him Netflix was thinking about a bid for Warner Bros. Discovery. Speculation amongst analysts intensified when it was discovered that Netflix co-CEO Ted Sarandos appeared with WBD’s CEO David Zaslav ringside at the Canelo vs. Crawford fight on Sept. 13.

There was no comment from Netflix, and it likely won’t make any public confirmations that it has any interest in WBD at all unless and until it makes an actual bid. Netflix plays its cards close to the vest, at times; for example, the company no longer reports subscriber totals for its streaming service as part of its quarterly earnings.

If Netflix were to consider an acquisition of WBD, I can’t imagine it would be for the whole company. Warner Bros. Discovery has announced plans to split into separate entities, with one housing its cable channels and the other responsible for the HBO Max streaming service and the Warner Bros. movie studio. The latter of these two companies is the one I would think Netflix would have its eye on.

Netflix has competition if it really wants to jump into the fray. Earlier in September, Paramount signaled that it was considering a cash offer for WBD — the entire company, not just its preferred segment. David Ellison and the new Paramount ownership team will attempt to reinvigorate that company’s cable channels, and could have the same scheme in mind for WBD’s networks.

WBD CEO David Zaslav has said he wants a bidding war for WBD, but that position is hardly noteworthy from a CEO’s perspective. What high-level executive wouldn’t want to get as much interest as possible for the asset they’ve been in charge of? But it appears that Zaslav’s desire is at least somewhat feasible, if reports about Netflix’s interest are anything more than an attempt to drum up tertiary interest in WBD.

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