Netflix, Comcast and Paramount Skydance submitted bids for Warner Bros. Discovery Inc., according to people with knowledge of the matter, is laying the groundwork for the possible sale of one of Hollywood’s biggest companies.
Proposals were submitted by the November 20 deadline for the first round of offers, set by the Warner Bros. board. Discovery, parent company of HBO, CNN and the Warner Bros. film and TV studios. The New York Times had already reported on Thursday that the three companies had made offers.
Comcast and Netflix are more interested in the library of films and series, which includes everything from “The Sopranos” to “Bugs Bunny”. Paramount is willing to buy the entire company, including cable channels like CNN, TNT and Cartoon Network.
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On Wednesday, Bloomberg reported that Netflix had communicated to Warner Bros. management. which is willing to give up its traditional opposition to the release of films in theaters if it acquires the company.
Warner Bros. said it would evaluate strategic options last month after receiving interest in all or part of the business from multiple interested parties.
The sale will certainly bring more turbulence, at least in the short term, for a company that is about to have its fourth owner in seven years. AT&T bought Time Warner from its shareholders in 2018 to diversify into film and TV production. Four years later, WarnerMedia was incorporated into Discovery, forming the current configuration.
With consumers and advertisers moving from traditional TV to streaming, Warner Bros. has struggled under current leadership. But with recent speculation about the sale, shares have nearly tripled in the past two months. The company now has a market value of $57 billion and about $33.5 billion in debt.
Paramount, recently acquired by technology heir David Ellison, initiated the entire process. Ellison made three offers for Warner Bros., reaching $23.50 per share, all of which were rejected. He is expected to make a new offer, but lower than the $30 per share value that some analysts attribute to the company and that Warner Bros. want.
Ellison sees the acquisition as an opportunity to strengthen Paramount’s business. The Warner Bros. library of films and series will power the Paramount+ streaming service. HBO Max will also gain subscribers, and Warner’s cable channels will be integrated with Paramount channels such as MTV. The 42-year-old film producer is a film fan and wants to increase the combined output of Paramount and Warner Bros. for 30 films per year.
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His father, Larry Ellison, chairman of Oracle Corp., is one of the richest men in the world. He previously helped finance his son’s $8 billion acquisition of Paramount. The Ellisons have also been in talks with Apollo Global Management and sovereign wealth funds from several Middle Eastern countries about additional financing. On Tuesday, David Ellison attended a dinner at the White House in honor of the crown prince of Saudi Arabia, along with other prominent businessmen.
Comcast could combine its NBC TV network, Universal film studio and Peacock streaming service with Warner Bros.’ film and streaming assets. Netflix wants to add profitable Warner franchises like Batman and Harry Potter to its portfolio.
Comcast has $99 billion in debt, and its shares are down 29% this year. Netflix only has $17 billion in loans. Its shares rose 19% in 2025, giving it a market value of US$448 billion. However, Netflix has never made an acquisition of this size, preferring organic growth.
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Warner Bros. may not reach a deal with any of the interested parties and may continue with its current plan to separate its declining cable networks from the rest of the business next year. That would allow CEO David Zaslav to continue running the studios and streaming units, at least until another buyer emerges. The council is expected to make a final decision by Christmas.
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