Netflix is reportedly weighing a bid for Warner Bros. Discovery’s studio and streaming operations, having engaged investment bank Moelis & Co. as its advisor and secured access to the company’s financial data.

The report stated that Moelis & Co., the same firm that advised Skydance Media in its successful Paramount Global deal, has been tasked with evaluating the potential offer, according to CNBC, citing sources familiar with the matter.

Netflix has also been granted access to Warner Bros. Discovery’s data room to review detailed financial information, the sources added.

Warner Bros. Discovery and Moelis declined to comment on the matter, while Netflix could not be reached for comment.

A potential acquisition of Warner Bros.’ studio business would hand Netflix control of some of Hollywood’s most valuable franchises, including Harry Potter and DC Comics.

The studio’s television arm also produces several of Netflix’s hit series, such as Running Point, You, and Maid.

Recall, Netflix CEO Ted Sarandos told investors last week that while the company has historically been “more builders than buyers,” it remains open to acquisitions that present significant opportunities and enhance its entertainment portfolio.

However, Sarandos made clear that Netflix is not interested in acquiring Warner Bros. Discovery’s cable television assets, which include CNN, TNT, Food Network, and Animal Planet.

“We’ve been very clear in the past that we have no interest in owning legacy media networks,” Sarandos said in the company’s third-quarter investor video. “There is no change there.”

Warner Bros. Discovery announced last week that it would begin reviewing strategic options following three unsolicited acquisition offers from Paramount Skydance to buy the entire company.