The Public Investment Fund (PIF) of Saudi Arabia – reportedly worth upwards of a trillion dollars – may be entering the fray for a potential takeover of Warner Bros. Discovery (WBD), and it may be teaming up with Comcast Corporation.
Comcast CEO Brian Roberts recently traveled to Saudi Arabia, where he held meetings with PIF officials while exploring a WBD bid.
According to The New York Post and Puck News, Roberts also visited Qiddiya, the site of Saudi Arabia’s upcoming “megacity of play” where a Universal‑branded theme park is expected in partnership with Comcast’s theme‑park business.
Why the Saudis Are Interested: Studios, Streaming & Theme Parks
The Saudi connection makes strategic sense. The PIF may want the Warner Bros./DC brand as the anchor for a Universal Studios park in Qiddiya, pairing with Comcast’s existing theme‑park infrastructure.
A Saudi–Comcast alliance would thus bring global content, streaming/IP rights, and a real‑world destination into one package.
Meanwhile, WBD is already positioned for sale: the company plans to split into two public entities — one focused exclusively on studios and streaming (Warner Bros.), and the other on linear networks (Discovery Global) — by mid‑2026.
Fewer Regulatory Hurdles Thanks to Spinoffs
Regulatory concerns that typically plague big media mergers may be reduced in this case.
Comcast is spinning off its U.S. cable networks and related news assets into a new publicly traded company called Versant Media Group Inc., which will leave Comcast primarily with its theme‑park, streaming, and studio assets.
At the same time, WBD’s planned split isolates the studio/streaming business from its legacy cable networks, making the part that potential buyers want cleaner and more streamlined.
What It Means for the WBD Sale Race
If a Saudi–Comcast bid materializes, it could throw a new wrinkle into the running, which already includes Paramount Global/Skydance (led by David Ellison) and streaming players like Netflix.
The presence of Saudi backing adds serious firepower and global ambition. With WBD stock already rising past $20 and Zaslav aiming for far more, a new bidder like this could accelerate or reshape the bidding war.
Saudi Ties to Trump, WWE & Hollywood
Worth noting is that Saudi Arabia’s Public Investment Fund has close ties to Donald Trump through investments in LIV Golf and Trump’s son-in-law Jared Kushner’s private equity firm.
The PIF is also deeply involved with WWE, which holds major events in the Kingdom and will host WrestleMania in Riyadh in 2027.
The Saudis are reportedly working with TKO on a new boxing league and are building a massive entertainment city with interest in a Universal theme park, making Warner Bros. and DC assets highly attractive in a potential deal.
Note: Comcast teaming with the Saudis is considered only speculation at this time.
