Warner Bros. Discovery Draws Buyout Bids from Major Rivals

BURBANK, California (Reuters) – Warner Bros. Discovery has attracted preliminary buyout bids from competitors, including Paramount Skydance, Comcast, and Netflix, as of November 20, 2025. This marks a significant move towards a potential sale of the famed Hollywood studio.

The bids are shaping the media landscape, with implications for key assets such as HBO, the Warner Bros. film library, and the DC Comics universe. Paramount is reportedly interested in acquiring all of Warner Bros. Discovery, bolstered by its controlling shareholder, billionaire Larry Ellison, a prominent tech figure.

If the deal goes through, it could elevate Paramount’s stake in the North American theatrical market to 32%, according to Comscore, while also integrating HBO Max with Paramount+, enhancing both companies’ streaming reach.

Meanwhile, Warner Bros. Discovery’s board recently declined a cash offer estimated at $24 per share, valuing the company at around $60 billion, announcing intentions to review strategic options. Comcast is drawn to Warner Bros.’ film and TV operations and its renowned franchises, such as Superman and Batman. A merger could give the combined entity over 43% of the North American theatrical market.

Netflix is also eyeing Warner Bros. for its extensive film catalog, including popular franchises like “Harry Potter” and “Lord of the Rings.” Recently, Warner Bros. Discovery disclosed plans to split into two publicly traded companies, further complicating the potential sale.

Despite the excitement, Warner Bros. Discovery has not commented publicly on the bidding process. Sources indicate that the board aims to assess initial offers by Thanksgiving, looking to determine a path forward before the end of the year.

Employees across various locations, including Burbank and New York, face uncertainty as they ponder the ramifications of yet another takeover. Casey Bloys, head of HBO and Max content, advised staff to focus on what they can control amidst the tumult.

This development follows Warner Bros. Discovery’s prior announcement about a planned split by April 2026, which would separate its streaming and studio operations from its linear television networks, leaving the future of the storied studio hanging in the balance.