Netflix, Paramount And Comcast Bid For Warner Bros Discovery
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Key Facts
- Warner Bros. Discovery (WBD) has received multiple nonbinding first round bids
- Paramount Skydance, Comcast and Netflix submitted offers by the Nov. 20 deadline
- Options include selling the full company or just the Warner Bros. studio/streaming arm
- Board wants a strategic direction set before the end of 2025
- Existing plan is to split Warner Bros. and Discovery Global by April 2026
Warner Bros. Discovery has entered a critical decision phase, reviewing first round, nonbinding acquisition bids from Paramount Skydance, Comcast and Netflix. The offers, submitted under nondisclosure agreements by Thursday’s deadline, follow WBD’s recent confirmation that it had received inbound M&A interest and would formally test the market for a full or partial sale.
The board is open to structures that separate Warner Bros.’s studios and HBO Max streaming operations from Discovery Global, its cable-heavy TV business, aligning with the current plan to split into two listed companies by April 2026. Paramount Skydance is understood to be targeting WBD as a whole, while Comcast and Netflix are focused primarily on the Warner Bros. streaming and production assets rather than the broader cable portfolio.
Directors will now weigh valuation, deal structure and regulatory risk before deciding whether to advance negotiations or revert to the original spin-off path. Executive contracts have already been amended to protect stock options in the event of a sale, signalling that a transaction is a real possibility. At the same time, any winning bid, especially from Netflix or a major cable rival, would face heavy scrutiny from regulators and lawmakers concerned about further consolidation in streaming, film and TV.
