Paramount, Comcast and Netflix are readying bids for Warner Bros Discovery (WBD), according to a report in the Wall Street Journal.
The deadline to submit first-round bids, which are non-binding, is 20 November 2025.
WBD formally put itself up for sale last month after receiving three bids from David Ellison’s Paramount Skydance, which were rejected.
Comcast and Netflix have both hired investment banks to explore a deal.
WBD is currently holding the auction process and hopes to have it completed by the end of the year, said the Wall Street Journal.
Comcast and Netflix are mainly interested in the Warner Bros movie and television studios and the HBO Max streaming service, but not its cable network holdings, which include CNN, TNT, and the Discovery Channel.
On the other hand, Paramount Skydance is looking at acquiring the entire company. Other potential buyers include Amazon MGM Studios.
Both Paramount and Comcast are reportedly interested in WBD as a way to give them greater scale to compete against big tech companies such as Netflix and Amazon.
For Netflix, a key attraction is WBD’s huge library of movies and TV shows, which could significantly increase its content offerings.
Any deal will require regulatory approval and is likely to raise antitrust concerns.
WBD is still moving forward with plans to separate its assets into two companies: one to house its studios and streaming businesses, and the other comprising its cable networks.
Warner Bros Discovery posted a bigger-than-expected quarterly loss in its third quarter results this week, just as the company is fielding interest from potential buyers. Discover more here.
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