Legacy media titan Warner Bros. Discovery signals a possible sale or split as bidders circle its iconic studio-and-streaming empire.

A Giant Puts Itself on the Block

November 10, 2025: Media and entertainment giant Warner Bros. Discovery (WBD) has formally signalled that it is reviewing strategic alternatives after receiving unsolicited interest in possibly selling all—or parts—of its business. The company, which controls HBO, Warner Bros. Studios, DC Comics IP, CNN and a massive content library, is now the centrepiece of what many analysts describe as a potential “mega-deal” in Hollywood.

Who’s Lining Up to Bid?

A handful of major media and tech companies have emerged as potential bidders or suitors for WBD’s assets:

Paramount Global/Skydance Media: Backed by the Ellison family (including Oracle founder Larry Ellison), this new combined entity is widely considered the front-runner. The offer could total tens of billions and would add WBD’s content and studio strength to Paramount’s portfolio.

Comcast Corporation: Through its NBCUniversal and entertainment holdings, Comcast is reportedly exploring a bid—either for the full company or select assets. Recent meetings between WBD CEO David Zaslav and Comcast leadership signal the seriousness of interest.

Netflix, Inc.: The streaming pioneer has tapped advisors and gained access to WBD financials. While Netflix says it is primarily “a builder not a buyer,” control of WBD’s studio and streaming business would significantly expand its content arsenal.

Why the Timing Matters

WBD is currently navigating multiple challenges: a recent quarterly loss, declining ad revenues in its cable division, and looming strategic splits between its studio/streaming and network businesses.

The media environment is shifting: legacy networks, streaming platforms and film studios are under pressure from global competition, debt burdens and rising content costs.

For potential acquirers, owning WBD means gaining a vast content catalogue and franchise library (Harry Potter, DC, HBO originals) instantaneously—something few competitors can offer.

What’s Next — Big Questions to Watch

Will the deal involve selling the whole company or splitting it? WBD has openly floated the idea of either selling in pieces or spinning off certain assets before or during any acquisition.

What sort of price will trigger a bidding war? Speculative valuations place WBD at upwards of $70 billion based on its assets and content value.

Will regulators intervene? Media-industry megadeals must clear antitrust scrutiny, especially when they combine studios, networks and streaming platforms.

Who will lead post-deal? Leadership continuity and creative autonomy will matter—especially if deals include retaining major executives like Zaslav or studio heads.

The Stakes for Hollywood

A sale of this magnitude would shake the industry’s foundations. It could:

Redraw the competitive map among streaming services and studios.

Raise concerns over content consolidation and the future independence of legacy brands.

Set the tone for future deals, as other major media players sit on the sidelines watching.

For WBD, shareholders are watching closely—and so is the broader entertainment world. As Wall Street trades the story of mega-mergers, Hollywood braces for one of its most consequential leadership shifts in years.