Just as I’ve reported for years, Warner Bros. Discovery is officially in play, with CEO David Zaslav now confirming the company has received unsolicited interest from multiple parties looking to acquire all or part of the company.
That includes its prized Warner Bros. studio and HBO Max streaming arm, which will be separated into its own entity in 2026 as part of Zaslav’s long-telegraphed strategy to split the company in two: one half focused on streaming and studios (Warner Bros.) and the other on legacy TV networks (Discovery Global).
The move comes after Skydance’s David Ellison made an initial bid (reportedly around $20/share), which WBD rejected. But now, with multiple parties circling, including Paramount, Comcast, and Netflix, the price is rising and the competition is heating up.
Update: WBD has rejected Paramount’s second bid.
Zaslav: “Multiple Parties” Are Interested in Warner Bros.
On Tuesday, Warner Bros. Discovery’s board of directors issued a formal statement confirming that it has initiated a review of strategic alternatives after receiving interest for both the entire company and individual parts—specifically, the Warner Bros. studio.
“It’s no surprise that the significant value of our portfolio is receiving increased recognition by others in the market,” Zaslav said in the statement (via Deadline), adding that the review process is designed to unlock the “full value” of WBD’s assets. There’s no deadline, and all options are on the table, including continuing with the planned 2026 split, or even merging Warner Bros. with a buyer and spinning off Discovery Global separately.
In other words, exactly what I said was coming is now happening.
Paramount Skydance Still the Favorite—For Now
Despite WBD’s rejection of Skydance’s initial offer, most Wall Street analysts continue to list Paramount Skydance as the most likely buyer. The firm already secured Paramount Global earlier this year and has backing from Oracle chairman Larry Ellison, a friend of President Donald Trump. They also have momentum and a cleaner regulatory path compared to Comcast or Apple.
Analysts at TD Cowen and MoffettNathanson (via Deadline) both maintain that Paramount remains the frontrunner, with one noting: “If WBD was always part of the longer-term Skydance acquisition strategy, we expect PSKY to be the most aggressive in pursuing these assets.”
Still, the rejected offer shows Zaslav isn’t desperate. He’s trying to create a bidding war, and with WBD stock hitting $20.33 as of Tuesday, it’s already working. That price now exceeds Ellison’s original bid, meaning Skydance will have to come back with more money or better terms (just as I said).
Comcast Still Circling, Despite Political Roadblocks
Also, as I previously reported in my info about James Gunn, Deadline confirms that Comcast (Universal) is still in the mix. However, Comcast faces massive political and regulatory hurdles. Its ownership of MSNBC and NBC makes it an easy target for antitrust scrutiny—especially under Trump, who has repeatedly attacked both networks. And current FCC sentiment isn’t favorable toward Comcast’s corporate structure or DEI policies.
One analyst bluntly said, “A successful Comcast acquisition of almost anything seems nearly unthinkable.” But with few studios left on the board, Comcast may still try to drive up the price just to box out competitors or secure a minority stake.
Netflix Publicly Scoffs—But Is Still Watching
Then there’s Netflix, which many DC fans hope will become the winner.
While its executives insist they’re not interested, the company hasn’t ruled it out completely, and they’re clearly watching the situation. Co-CEO Ted Sarandos downplayed the importance of media mergers during an earnings call on Tuesday (via Deadline), calling past mergers (like Disney-Fox and Amazon-MGM) “no fundamental shift in the competitive landscape.”
His message? Netflix doesn’t need to buy legacy studios to win. The company prefers to build capabilities internally and avoid the “entanglements” that come with traditional media, like cable networks and complex licensing deals. That lines up with what I said earlier this month: Netflix doesn’t want the whole thing, especially the cable side, but Warner Bros. alone may still be of interest after the split.
Still, Netflix hasn’t made an offer, and analysts believe the $75–$100 billion price tag for WBD—including its $30 billion in debt—would be a non-starter. But Sarandos was careful not to mention studios at all. The door may not be shut, but Netflix isn’t opening it right now.
What Happens Next?
WBD will continue exploring bids while moving ahead with the planned 2026 split. The Ellisons are expected to return with an improved offer. Comcast may push for a piece, if not the whole thing. Netflix is lurking, even if it’s staying quiet. And Amazon, Apple, or private equity groups could get involved at any time.
Bottom line: this is just getting started, and Zaslav is playing it exactly how I said he would.
