Warner Bros. Discovery Receives Revised Acquisition Bids from Paramount, Comcast, and Netflix
Warner Bros. Discovery has received updated acquisition offers from Paramount, Comcast, and Netflix, with bids focusing on various segments of the company.
Warner Bros. Discovery (WBD) has received revised acquisition offers from Paramount Skydance, Comcast, and Netflix, as the company evaluates strategic options for its future.
Paramount Skydance, backed by Oracle co-founder Larry Ellison, has submitted a bid to acquire the entire company, including its cable television networks. This move would enhance Paramount's presence in movie theaters, giving it a 32% share of the North American theatrical market, and strengthen its streaming service by combining HBO Max with Paramount+.
Comcast is reportedly interested in acquiring WBD's film and television studios, as well as the HBO Max streaming service, but not its cable network holdings, which include CNN, TNT, and Discovery Channel.
Netflix has also submitted a mostly cash offer for WBD's studios and streaming division, aiming to gain access to Warner Bros.' extensive film library and established entertainment franchises, such as Harry Potter and Lord of the Rings.
The financial and logistical details of the offers remain fluid, and the shape of the resulting company is yet to be determined. The bids are considered binding, but parties could still alter their offers. WBD CEO David Zaslav has reportedly expressed confidence that the M&A process could be wrapped up by the end of December.
WBD, formed in April 2022 from the merger of Discovery Communications and WarnerMedia, has been planning to formally separate into two companies if it doesn't receive acceptable terms from one of the bidders. The split would close by mid-2026, designed to enable a smoother acquisition path for potential buyers and relieve the balance sheet of WBD of the burden of its declining linear TV portfolio.
Reps from WBD, Paramount, Comcast, and Netflix declined to comment when contacted by Deadline.
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