Warner Music Group is nearing an agreement with Netflix to create a variety of movies and documentaries based on the label's artists and songs, Bloomberg News reported on Wednesday, citing people familiar with the matter.

Reuters could not immediately verify the report.

Warner Music, the label behind artists such as Bruno Mars and Ed Sheerean, and Netflix did not respond to Reuters' request for comments outside regular business hours.

Warner Music CEO Robert Kyncl, speaking at the Bloomberg Screentime conference in Los Angeles, declined to comment on any specific deal.

"It makes a lot of sense for us to partner with a company that can bring it alive all around the world," Kyncl said, referring to the catalog of rights to songs by legendary artists.

"The stories we have are incredible, and they have not been told."

In July, Warner Music and Bain Capital announced a joint venture aimed at acquiring up to $1.2 billion worth of music catalogs.