Warner Bros. Discovery is in advanced discussions to sell its Burbank studio lot to Netflix, according to people familiar with the matter. The potential transaction could value the property at more than $3 billion, although the companies have not announced any final agreement.

The reported talks underscore how streaming giants continue to reshape Hollywood’s real estate and production footprint. A sale of this scale would mark a major shift for one of the industry’s most recognizable studio sites, long tied to the history of traditional film and television production.

For now, the negotiations remain private and subject to change. As with many deal discussions of this kind, terms could still be adjusted or the talks could end without a transaction. Neither company has publicly confirmed the reported structure or valuation of the deal.