Oh my! Say that using your best southern belle voice. Hollywood’s biggest guessing game just became a real bidding war. Paramount, Comcast, and Netflix have now formally submitted bids to acquire all or strategic pieces of Warner Bros. Discovery, kicking off what could become the most consequential media sale since Disney swallowed Fox.
Multiple industry sources confirmed the filings as the deadline for non-binding bids hit Thursday. A second round of final, binding offers will follow once the field narrows.
And make no mistake: the outcome of this chase will redefine the future of Hollywood at a moment when streaming economics, AI disruption, and shifting audience habits have every major studio looking over its shoulder.
Paramount Is Going Big — The Whole Company
While all three companies are in the hunt, Paramount has emerged as the most aggressive player, reportedly offering to acquire the entire WBD empire, including the company’s sprawling portfolio of legacy cable networks.
Comcast and Netflix, meanwhile, are focused on the studio and streaming assets, which include Warner Bros. Pictures, HBO, CNN, Max, and the DC Universe.
Fourth Takeover in a Decade?
For thousands of WBD employees across Burbank, New York, and Atlanta, the whirlwind is familiar — and exhausting. This would mark the fourth ownership change in roughly ten years.
HBO and Max content chief Casey Bloys addressed the topic delicately during a programming showcase, encouraging staff not to fixate on “theoretical” outcomes they can’t control.
A Company in Play
WBD became an acquisition target shortly after its 2022 merger with Discovery. CEO David Zaslav’s cost-cutting reforms, write-downs, and restructuring efforts stabilized the company’s finances but left the stock price vulnerable.
Earlier this year, Warner Bros. Discovery announced plans to split into two entities in 2026:
• Studios + Streaming
• Linear Networks
That split, paired with Paramount’s own merger with Skydance, opened the door for the current bidding showdown.
The Ellison X-Factor
Paramount may have the structural advantage: CEO David Ellison’s father, Oracle co-founder Larry Ellison, is one of the wealthiest people on the planet and a known political ally of President Trump.
Given how blurred the lines have become between the White House, DOJ, and federal regulators, Ellison’s influence could smooth the regulatory path for an acquisition of this size, rumored to exceed $60 billion.
Comcast, on the other hand, may face more of an uphill climb due to Trump’s well-documented hostility toward MSNBC and NBC figures. International scrutiny will also be intense, with European regulators typically taking a stricter stance on media consolidation.
What Happens Next
WBD reportedly expects the sale process to conclude by late December, though any deal would take roughly a year to clear regulatory review. Until then, Hollywood will continue to buzz — and brace — as three of the industry’s most powerful companies compete for one of its most storied brands.
The New York Times first reported the official bid submissions.
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