Three Media Giants Submit Bids for WBD Assets

LOS ANGELES, CA — The future of Warner Bros. Discovery (WBD) hangs in the balance as the entertainment company’s board evaluates second-round bids from three major players: Paramount, Netflix, and Comcast. The finalized offers were submitted on Monday, Dec. 1, 2025, with notable adjustments from the initial proposals.

Paramount has committed to an all-cash bid, backed by debt financing from Apollo Global Management and undisclosed Middle Eastern sovereign wealth funds. In contrast, Netflix has shifted its bid to primarily cash after previously leaning on stock. Comcast’s proposal appears to involve a stock-heavy deal that would integrate NBCUniversal with WBD.

If no unexpected bidders emerge, one of these three media companies is likely to acquire WBD’s extensive portfolio, which includes Warner Bros. studios, HBO, HBO Max, and various intellectual properties like DC Comics and Friends. The WBD board faces a decision: either invite a third round of bidding or select a preferred bidder to negotiate a binding agreement.

Central to the decision is whether WBD will choose to sell itself entirely to Paramount or continue with plans to bifurcate its streaming and linear television operations. Paramount seeks a complete acquisition, while Comcast and Netflix prefer to avoid linear TV.

Regulatory scrutiny also looms. The current U.S. administration has indicated a smoother approval process for Ellison’s offer due to their recent acquisition of Paramount, while concerns have been raised about the potential regulatory challenges for Netflix and Comcast.

In related news, WBD has maintained its significance in sports broadcasting with rights to MLB, NHL, and college sports. These rights could enhance the sports media portfolio of either Paramount or Comcast but would fundamentally belong to the linear TV segment.

WBD CEO David Zaslav could also play a pivotal role in any acquisition, with reports suggesting he might be offered significant positions by potential buyers. The landscape remains fluid, and further dalliances could lead to surprise bidders entering the fray.