Major media giants are gearing up to submit first-round offers as Warner Bros. Discovery moves closer to a potential sale.

A high-stakes battle for Warner Bros. Discovery

November 14, 2025: Netflix, Comcast, and Paramount are reportedly preparing formal bids for Warner Bros. Discovery (WBD) as the company approaches its pre-Thanksgiving deadline for first-round submissions. With non-binding offers due on November 20, the industry is bracing for what could be one of the most transformative deals in modern Hollywood.

Different strategies emerge among bidders

Each suitor is approaching the potential acquisition with a distinct strategy. Paramount is said to be interested in purchasing WBD in its entirety — including its film studios, streaming platforms, and cable networks. Meanwhile, Netflix and Comcast are focusing more narrowly on premium assets such as the Warner Bros. studio division and streaming operations, while showing less interest in legacy cable networks.

Why this deal matters now

The fierce competition underscores the urgency major media players feel as the streaming landscape becomes increasingly crowded. Consolidation is accelerating, and owning a vast content library — especially one as deep as Warner Bros.’ — offers a massive advantage. For Netflix, gaining access to beloved franchises could reinforce its global dominance. For Paramount and Comcast, a deal of this scale could strengthen their long-term relevance as traditional TV declines.

What comes next

WBD is expected to evaluate the bids and potentially move toward a narrowed list of contenders before the end of the year. Industry analysts note that the sale could involve splitting the company — separating the studio and streaming divisions from cable networks like CNN and TNT. The structure of the deal will heavily influence which bidder is best positioned to move forward.

A potential industry-shaping acquisition

If any of these companies successfully acquires WBD, the impact on Hollywood would be seismic. The merger could reshape content production, redefine streaming competition, and trigger further consolidation across the entertainment sector. Regulatory scrutiny is expected, but the momentum behind the bidding indicates that a major shift may be imminent.