Warner Bros. Discovery Receives Acquisition Bids from Paramount, Comcast, and Netflix

In a move that could significantly reshape the media landscape, Warner Bros. Discovery (WBD) has received acquisition bids from Paramount Skydance, Comcast, and Netflix. The company has requested improved offers by December 1, signaling a potential shift toward exclusive negotiations with one of the bidders.

Paramount Skydance, led by CEO David Ellison and backed by his father, Oracle co-founder Larry Ellison, has proposed acquiring the entirety of WBD, including its cable networks. The bid aims to merge streaming services HBO Max and Paramount+, potentially capturing 32% of the North American theatrical market. This follows the August 2025 merger of Paramount Global and Skydance Media, forming Paramount Skydance.

Comcast's bid focuses on acquiring Warner Bros.' studios and HBO to enhance its entertainment and theme park divisions. If successful, this acquisition could increase Comcast's share of the theatrical market to over 43%. Netflix, on the other hand, is targeting Warner Bros.' studio and streaming assets to expand its content library with franchises like "Harry Potter" and "The Lord of the Rings."

The WBD board had previously rejected a nearly $24-per-share offer from Paramount Skydance, valuing the company at approximately $60 billion. The current bids are non-binding, with WBD's board expected to decide on a course of action by the end of the year.

These potential mergers have drawn attention from regulatory bodies. The U.S. Department of Justice is anticipated to scrutinize the deals for antitrust concerns, particularly regarding market dominance in streaming services, theatrical releases, and sports broadcasting rights. Paramount Skydance's bid may benefit from CEO David Ellison's ties to President Trump and financial backing from Larry Ellison. However, concerns have been raised by Democratic senators over potential political favoritism due to past donations to Trump.

The outcome of these bids could lead to significant consolidation in the media industry, affecting content diversity and competition. As the December 1 deadline approaches, the industry awaits WBD's decision, which could redefine the competitive landscape and prompt further regulatory scrutiny.