Paramount, Comcast and Netflix submitted non-binding bids by November 20, 2025 to acquire Warner Bros. Discovery or its core assets. The three companies represent the only formal bidders in a sale process that could conclude before year-end, though Warner Bros. Discovery may also proceed with its planned April 2026 company split.[1][2][3][4][5][6][7][8][9]
Warner Bros. Discovery owns Warner Bros. film studio, HBO, HBO Max, CNN, TBS, TNT and Discovery Channel. The company’s market capitalization stands at approximately $57 billion.[4][10][11][12][13][1]
Three Competing Bidders Pursue Different Acquisition Strategies for Warner Bros. Discovery
Each bidder targets different portions of Warner Bros. Discovery’s portfolio based on their corporate priorities and business models.
Paramount Bids for Entire Company Including Cable Networks
Paramount submitted a full company bid backed by CEO David Ellison and his father, Oracle co-founder Larry Ellison. Larry Ellison personally guaranteed the financing. The Ellison family maintains close relationships with President Trump, potentially smoothing regulatory approval.[2][3][5][14][15][16][17][18][19][20][21]
Paramount completed its $8 billion merger with Skydance on August 7, 2025. The company seeks additional scale through Warner Bros. Discovery acquisition.[5][22][23][24][25][1]
Netflix and Comcast Target Studios and Streaming Assets Only
Netflix and Comcast pursue only Warner Bros., HBO and HBO Max while excluding linear television networks. Netflix committed to maintaining Warner Bros.’ theatrical release obligations if successful.[3][26][27][28][29][1][2][4]
Comcast faces regulatory challenges due to President Trump’s criticism of MSNBC and CEO Brian Roberts. Trump previously called Comcast “a disgrace to broadcasting”.[9][14][21][30][1]
Warner Bros. Discovery Board Rejected Multiple Earlier Offers
The board declined at least three Paramount proposals since September 2025 before the formal bidding process.[15][22][31][32][33][9]
Timeline of Rejected Paramount Bids for Warner Bros. Discovery
- October 13, 2025: Rejected $23.50 per share (80% cash, 20% stock)[6][10][22][32][33]
- October 21, 2025: Rejected nearly $24 per share[31][34][2][15]
- November 20, 2025: Formal non-binding bid submitted[1][2][3][4][5]
The October offer included naming David Zaslav as co-chairman and co-CEO of the merged entity.[33][35][4][6][9]
Board Seeks Thirty Dollar Per Share Valuation
CEO David Zaslav wants at least $30 per share, valuing the company at $74 billion. Chairman emeritus John Malone described $30 per share as “possible” in an October podcast.[34][36][37][38][39][15]
The gap between rejected offers ($23.50-24) and the board’s $30 target explains ongoing negotiations. Industry sources expect the winning bid below $30 per share.[15][31][34]
Sale Timeline Targets December 2025 Decision
| Phase | Timeline | Status |
|---|---|---|
| First-round bids | November 20, 2025 | Completed[1][2][3] |
| Board evaluation | November-December 2025 | In progress[4][9] |
| Preferred bidder | Before Christmas 2025 | Pending[4][40][35] |
| Binding offers | Late December 2025 | Expected[1][25][4] |
| Regulatory review | 12-24 months | Future[1][26][21] |
Warner Bros. Discovery aims to select a preferred bidder before Christmas 2025. At least two additional bidding rounds are expected. Regulatory approval would require 12-24 months.[26][35][40][41][42][43][4][9][31][1]
Company Split Plan Remains Alternative Option
Warner Bros. Discovery announced plans to divide into two companies by April 2026 if no acceptable bid emerges.[10][44][45][6][9][26]
Warner Bros. (studios and streaming) would be led by David Zaslav. Discovery Global (linear networks) would be led by CFO Gunnar Wiedenfels. The tax-free separation would assign debt to Discovery Global.[44][46][6][10][26]
Discovery Global already scheduled its May 13, 2026 upfront presentation. If the split occurs, both companies cannot be acquired for two years without tax penalties.[7][41][9][31]
Middle Eastern Sovereign Wealth Funds Discuss Participation
David Ellison met with Saudi Arabia’s Public Investment Fund and Gulf officials regarding potential co-investment. The Financial Times and New York Times reported Saudi interest. Paramount denied launching a “joint bid” but acknowledged preliminary discussions.[17][35][47][48][5][31][15]
Comcast CEO Brian Roberts visited Saudi Arabia in late October to discuss potential investment alongside Comcast’s bid.[17][31][15]
Political Opposition and Labor Concerns
Senators Elizabeth Warren, Bernie Sanders and Richard Blumenthal urged Department of Justice scrutiny of any Warner Bros. Discovery acquisition. The Writers Guild of America called a potential Paramount merger a “disaster” for workers.[35][49]
HBO content chief Casey Bloys advised employees to focus on controllable work rather than ownership speculation. The sale would mark the fourth ownership change in approximately ten years for many employees.[25][49][50][51][52][44][1]
