Now Streaming: Netflix weighs offer for Warner Bros. assets

“Now Streaming” is The Fly’s weekly recap of the stories surrounding the biggest content streamers.

PLAYING THIS WEEKEND: Among this weekend’s notable new streaming content is season four of fantasy drama series “The Witcher,” based on the Polish book series of the same name, which can be watched on Netflix (NFLX). Meanwhile, Apple TV (AAPL) users can catch Britisth teleivsion series “Down Cemetery Road,” starring Emma Thompson, while HBO Max (WBD) subscribers can catch the first episode of comedy series “I Love LA” starring Rachel Sennott. Additionally, Disney+ (DIS) subscribers can watch the third season of animated anthology series “Star Wars: Visions.”

NETFLIX/WARNER BROS.: Netflix is actively weighing making an offer to acquire Warner Bros. Discovery’s studio and streaming business, retaining Moelis & Co. (MC) and gaining access to to financial information, Reuters’ Dawn Kopecki, Dawn Chmielewski and Amy-Jo Crowley reported Thursday, citing three sources familiar with the matter. The streaming giant have been given access to the data room, which contains the financial data required to make an offer.

NETFLIX STOCK SPLIT: This week, Netflix announced that its Board of Directors has approved a ten-for-one forward stock split of the company’s common stock. The split will be effected through an amendment to the company’s Amended and Restated Certificate of Incorporation. The purpose of the stock split is to reset the market price of the company’s common stock to a range that will be more accessible to employees who participate in the company’s stock option program. Each shareholder of record as of the close of trading on Monday, November 10, 2025 will receive, after the close of trading on Friday, November 14, 2025, nine additional shares for every share held on the record date. Trading is expected to begin on a split-adjusted basis at market open on Monday, November 17, 2025.

DON’T NOD: French video game developer Don’t Nod, which has developed titles such as “Life is Strange,” “Tell Me Why,” and “Vampyr,” announced the signing of a development agreement with Netflix for the creation of a new narrative video game based on a major IP. Through this agreement, Don’t Nod will develop a new narrative experience that builds on the studio’s recognized expertise in the genre. The project is currently in development at the Montreal studio and will be published by Netflix.

COMCAST RESULTS: Comcast (CMCSA) reported better-than-expected Q3 earnings and revenue, with media EBITDA increasing 28% year-over-year, driven by Peacock. Excluding the incremental revenue from the Olympics last year, domestic advertising revenue increased 2.6%, primarily due to an increase in revenue at Peacock, the company added.

“We’re making steady progress as we reposition the company for long-term, sustained growth,” said Brian Roberts, Chairman and Chief Executive Officer of Comcast Corporation. “In Connectivity, we’re taking deliberate steps to strengthen our broadband foundation and accelerate wireless as a meaningful growth engine, adding a record 414,000 wireless lines this quarter – clear evidence of the value of our converged offerings. In addition, Business Services delivered another solid performance, with mid-single digit revenue and Adjusted EBITDA growth. In Content & Experiences, we’re building momentum across NBC and Peacock as we head into one of the most exciting stretches of live sports in our history, including robust NBA coverage which just began last week. The early success of Epic Universe contributed to 19% revenue growth at our Theme Parks, reflecting the strength of our newest attractions and the enduring appeal of the Universal brand. We generated $4.9B of free cash flow this quarter and $14.9B year-to-date despite significant investment we’re making in repositioning our company, a testament to both the durability and resilience of our underlying business.”

Of note, when asked on the company’s Q3 earnings call about speculation regarding Warner Brothers Discovery, Comcast Co-CEO Michael Cavanagh replied: “On media M&A or M&A generally, I mean, I think we’ve said repeatedly, and I’ll say it again, that the bar is very high for us to pursue any M&A transactions given how strongly we feel about the businesses we have, the strategies we’re pursuing, and the opportunities we have ahead of us. That continues to be an important anchor point for how we think about things. Second point I’d make is that you should expect us to look at things that are trading in the space around our industry. It’s our job to try to figure out if there’s ways to add value… I think the strategies we have are really sound and durable without M&A. That said, the question about what’s feasible to get any deals through, obviously the fact that we’ve been taking the path of setting Versant up as our cable network business to pursue strategies that didn’t fit inside the sort of the new NBC media business with great strength in assets and the cash flows they have with light leverage, and that is on track to happen, you can expect that any view we would have about other media assets that could be complementary to our existing media business would be of the same sort. In this case it would be streaming assets and studio assets since there’s no other parks assets out there, and that makes us such a unique company ourselves. I think in light of that, what we’d be looking for and what we’re going to look like post Versant spin, more things are viable than maybe some of the public commentary that’s out there.”

ROKU RESULTS: Roku (ROKU) reported upbeat Q3 earnings, with the company saying it achieved positive operating income ahead of schedule and for the first time since 2021. Platform revenue grew 17% YoY, driven by strength in streaming services distribution and video advertising activities, the company added. Looking ahead, Roku provied upbeat Q4 revenue guidance and increased its 2025 revenue outlook.

SHERIDAN GOES TO NBCU: Taylor Sheridan, a movie and television producer known for “Yellowstone” and “Tulsa King,” will join NBCUniversal after his Paramount (PSKY) contract expires, The Wall Street Journal’s Joe Flint reported. Sheridan will create films for Universal Pictures and TV content for NBC and the Peacock streaming service, according to people familiar with the matter. Sheridan will stay involved in all his shows at Paramount and won’t depart for NBCUniversal until 2029, the people say. NBCUniversal has also signed a first-look deal with Sheridan’s production partner 101 Studios, effective in 2026, according to the report.

PARAMOUNT/UFC: Paramount Skydance and UFC announced a seven-year, multi-territory expansion of their partnership, securing UFC media rights for Paramount+ across Latin America and Australia starting in 2026. This agreement expands upon the landmark seven-year media rights partnership announced this past August in which Paramount+ becomes the premier destination for UFC fans as the exclusive home of all UFC events in the U.S. starting in 2026. Details on the first UFC events to stream live on Paramount+ in the U.S., Latin America, and Australia, will be announced in coming weeks.

STOCK PLAYS: Other publicly traded companies in the space include Amazon (AMZN), FuboTV (FUBO), Fox (FOXA), and AMC Networks (AMCX).