A high-stakes media shake-up is underway as top entertainment giants make their move.

November 21, 2025: Netflix, Comcast, and Paramount Skydance have officially submitted preliminary bids to acquire Warner Bros. Discovery (WBD). This marks one of the most significant moments in the entertainment industry in recent years, with each bidder targeting different assets within the company.

What the Bidders Want?

Paramount Skydance

The Ellison-backed media group is reportedly pursuing an acquisition of the entire WBD portfolio, including cable networks such as CNN, TBS, and the Turner family of channels. This would create one of the largest consolidated entertainment companies in the world.

Netflix

Netflix’s bid appears focused on acquiring streaming and studio properties, including Warner Bros. films and HBO programming. This would give Netflix control over major franchises such as Harry Potter, DC Comics, and Game of Thrones, dramatically expanding its content library.

Comcast

Comcast is similarly targeting the studio and streaming divisions—assets that would complement its existing holdings under NBCUniversal and potentially enhance its theme park, broadcasting, and content ecosystem.

All three bids are nonbinding first-round offers, submitted by the deadline set by WBD’s board.

Why This Matters

This potential acquisition battle could reshape entertainment for decades:

It would determine the future of iconic film franchises and influential networks.

A Netflix acquisition could shift streaming dominance even further, giving it an unparalleled content engine.

A Comcast buyout could create a vertically integrated giant spanning cable, film, news, and theme parks.

Paramount Skydance acquiring everything could redefine the competitive landscape of legacy media.

HOLR has the latest news as analysts note that this bidding war reflects accelerating consolidation across Hollywood.

Regulatory Concerns Loom

Any deal would face serious antitrust scrutiny.

A Comcast–WBD combination would raise questions about excessive control across distribution and production.

Even Netflix, with fewer conflicts, could face regulatory pushback due to the sheer size of the combined streaming library.

Paramount’s all-in approach may also trigger concerns about market dominance across both streaming and cable.

Regulators are expected to be heavily involved if any buyer progresses to advanced negotiations.

What WBD Is Planning

WBD recently announced plans to separate its studio/streaming division from its legacy cable networks by April 2026. The company aims to conclude the sales process by the end of this year, giving the board flexibility to choose the strongest strategic direction.

HOLR breaks down the story here as the future of WBD may hinge on which bidder presents the most compelling long-term vision.

What Happens Next

These early bids do not guarantee a sale, and the process is still unfolding. Warner Bros. Discovery has not publicly commented on the offers, but industry insiders expect further developments in the coming weeks.

HOLR will continue to follow this major story as it evolves and provide updates on the negotiations, potential mergers, and how the outcome could reshape the entertainment landscape.