Paramount, Comcast, Netflix Submit First-Round Bids for Warner Bros. Discovery
The race to acquire Warner Bros. Discovery (WBD) has officially begun. Paramount Skydance, Comcast’s NBCUniversal, and Netflix submitted formal offers this week ahead of the first bid deadline, according to people familiar with the process.
Paramount Skydance — which previously offered $23.50 per share for all of WBD — weighed raising its bid before submitting. The newly merged media firm remains the only suitor aiming to buy the entire company, including the film studio, streaming platforms, and cable networks.
Comcast and Netflix, meanwhile, focused their bids exclusively on WBD’s studio and streaming assets — the Warner Bros. film studio and HBO Max. Sources say Netflix is taking a particularly disciplined approach to valuation given its long-standing aversion to high-cost acquisitions.
The structure and size of the offers have not yet been disclosed.
WBD Targets a December Sale Decision
Warner Bros. Discovery is moving aggressively to bring the process to a close. The company aims to finalize a deal by mid- to late-December, with a second round of bidding expected in the coming weeks.
WBD’s stock traded around $23.40, up roughly 20% since the company signaled it was open to a sale in October.
The sale comes as WBD simultaneously pursues a strategic plan to split into two independent companies:
- Warner Bros. — the film studio and streaming operations
- Discovery Global — cable networks such as CNN and TNT Sports
However, the unexpected takeover interest — led initially by Paramount Skydance — prompted CEO David Zaslav to broaden the review beyond the planned breakup.
Paramount Skydance Pushes Hardest for Full Takeover
Paramount CEO David Ellison and his father, Oracle co-founder Larry Ellison, are believed to be prepared to fully finance a WBD acquisition. Meetings have also taken place with Middle Eastern sovereign funds regarding potential capital support, though these talks are still early.
Paramount Skydance continues to argue that its bid offers the strongest strategic and financial rationale for WBD shareholders.
Comcast and Netflix Bid for Partial Acquisition
Comcast’s interest in the studio and streaming assets aligns with its plan to expand NBCUniversal’s content library while spinning out most of its cable networks.
If Comcast succeeds:
- Discovery Global would proceed with its spinout.
- WBD’s current CFO, Gunnar Wiedenfels, would become CEO of the new standalone entity.
Netflix’s bid reflects its ongoing push to deepen content ownership while maintaining strict spending discipline.
WSA Take
The bidding war for Warner Bros. Discovery marks a critical turning point for legacy media. Paramount Skydance is swinging for a full consolidation play, while Comcast and Netflix are selectively targeting strategic assets. Any path forward reshapes the competitive landscape of streaming and studio operations heading into 2025.
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