Big Rivals Line Up to Buy Warner Bros. Discovery

Warner Bros. Discovery is officially at the center of one of Hollywood’s biggest takeover races in years, as major industry rivals have placed early buyout bids, according to a source familiar with the talks. The move signals a possible turning point for the century-old studio behind some of the world’s most iconic entertainment franchises.

The preliminary offers have reportedly come from Paramount Skydance, Comcast and Netflix — three companies each aiming to reshape their future in an increasingly competitive media landscape.

Paramount Skydance is said to be preparing a bid for the entire company, including its television networks. The offer is backed by billionaire Larry Ellison, giving Paramount significant financial strength as it looks to expand both its theatrical footprint and streaming operations. A merger would bring together HBO Max and Paramount+, strengthening their position in the global streaming race.

Earlier this year, the company’s board rejected a mostly cash offer that valued Warner Bros. Discovery at nearly $60 billion. That decision prompted executives to publicly confirm they were evaluating all strategic options for the studio. The company later announced plans to split into two publicly traded businesses — one focused on studios and streaming, the other on its aging cable networks.

Comcast is interested in acquiring the Warner Bros. film and television studios along with HBO. Adding characters like Batman and Superman would give Comcast a major boost across films, streaming and theme parks.

Netflix has also stepped into the bidding process, aiming to secure Warner Bros.’ extensive film library and globally recognized franchises such as “Harry Potter” and “The Lord of the Rings.” The acquisition would mark one of the company’s most significant expansions to date.

Warner Bros. Discovery has not yet responded to requests for comment, while other bidders have also kept silent.

With several powerful players competing for control, Hollywood now watches closely to see how the future of the iconic studio will unfold — and what the outcome could mean for the entertainment industry as a whole.