Warner Bros. Discovery (WBD) has received preliminary buyout bids from Paramount, Comcast, and Netflix, kicking off a potential sale of the century-old Hollywood studio. The bids set the stage for a significant consolidation in the media industry. It will determine the future of assets including HBO, the Warner Bros film library, and the DC Comics universe.
Paramount Skydance is expected to bid for all of Warner Bros. Discovery, including its cable television networks. This bid is backed by Larry Ellison, co-founder of Oracle, and one of the world’s richest men. The potential combination would enhance Paramount’s presence in movie theaters, giving it a 32% share of the North American theatrical market, according to Comscore. It will also strengthen its streaming service by combining HBO Max with Paramount+.
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Warner Bros. Discovery had previously rejected a takeover offer of around $20 per share from Paramount. The company reportedly regarded the offer as “too low.”
Previous reports also stated that a coalition involving Saudi Arabia, Abu Dhabi and Qatar, had formed in support of a forthcoming $71 billion bid by Paramount for WBD, which would be a notch higher than prior bids in the $60 billion-plus range. A Paramount spokesperson called the report “categorically inaccurate” and said, “This is a confidential process, which we respect, and, as such, we will not be commenting until the process is over.”
Netflix submitted a bid solely for WBD’s streaming and studio businesses, attempting to gain access to Warner Bros’ extensive film library and established entertainment franchises, such as “Harry Potter” and “Lord of the Rings.” The company had reportedly hired Moelis & Co., the bank that advised Skydance Media through its successful bid for Paramount to evaluate a prospective offer.
READ: Netflix hires Moelis & Co for bidding on Warner Bros. Discovery (
NBCUniversal’s corporate parent, Comcast, is interested in Warner Bros’ film and television studios and HBO, whose characters, including Superman and Batman, would strengthen its theatrical and streaming business and its theme parks. The merged studios’ share of the North American theatrical market would exceed 43%, according to Comscore.
WBD previously announced plans to split into two publicly traded companies, separating its studios and streaming business from its fading cable networks.
According to Axios, President Donald Trump is widely seen as favoring a Paramount bid over one by Comcast given his alliance with Larry Ellison, father of Paramount CEO and chair David Ellison, and his public disdain for Comcast boss Brian Roberts.