Comcast and Netflix Eye Warner Bros Discovery Deal

Comcast and Netflix are positioning themselves for a potential showdown to acquire Warner Bros Discovery’s film and streaming assets, signaling a major shake-up in the media industry. The race comes after the media giant received multiple unsolicited offers, sparking speculation about the future of its studios and HBO Max service.

Sources familiar with the matter say Comcast has engaged Goldman Sachs and Morgan Stanley as financial advisors and gained access to Warner Bros Discovery’s data room, a step that allows the company to review detailed financial information needed to formulate a bid. Comcast President Mike Cavanagh has previously hinted at the company’s interest in media assets that complement its existing portfolio, noting that more opportunities may be viable than some public commentary suggests.

Netflix is also reportedly exploring a bid for Warner Bros Discovery’s studio and streaming businesses, hiring investment bank Moelis & Co, which previously advised Skydance Media in its acquisition of Paramount Global. These moves indicate a growing competition among top-tier media companies to consolidate assets and expand their streaming and content capabilities.

Warner Bros Discovery has not publicly commented on the potential sale, though CEO David Zaslav emphasized the strength of the company’s studios and projected HBO Max would reach 150 million subscribers by year-end. Industry watchers note that regulatory hurdles and political scrutiny may impact any merger, particularly given past public remarks by U.S. political figures about Comcast’s leadership.

The unfolding situation underscores a trend of aggressive strategic positioning in Hollywood, as companies look to secure content and streaming dominance in a highly competitive entertainment landscape.