Warner Bros. Discovery (WBD) is facing a landmark decision: The media group is currently examining whether it should sell itself - in whole or in part. According to information from company circles, the management has received several non-binding initial offers. Paramount Skydance, Comcast and Netflix are expected to have submitted corresponding offers by the deadline of 20 November. It is not yet clear whether other interested parties have submitted bids.

As usual, all potential buyers had to sign non-disclosure agreements in advance. Paramount Skydance, Netflix, Comcast and WBD declined to make official statements.

Back in October, Warner Bros. Discovery made it public that several parties had signalled their interest in a takeover. The Management Board now wants to review the first offers before Thanksgiving and decide by the end of 2025 which path the company will take.

Ellison bids again - target: complete takeover

David Ellison, who is currently on an expansion course following the merger of Paramount and Skydance, is one of the most active bidders. According to media reports, his previously rejected proposal - around USD 23.50 per share, mostly in cash - has been resubmitted in a similar form. Ellison is financially supported by his family, including tech billionaire Larry Ellison, as well as RedBird Capital. Among other things, the deal would have seen WBD CEO David Zaslav continue to play a leading role in the merged company.

WBD is also signalling its openness to a model in which the core Warner Bros. business - including HBO Max and the film studios - is sold separately from the Discovery TV division. This option fits in with the previously announced plans to split Warner Bros. Discovery into two independent companies by April 2026. The plan is for Zaslav to lead Warner Bros. in the future, while CFO Gunnar Wiedenfels will become CEO of Discovery Global.

Netflix and Comcast focus on streaming and studio assets

Netflix and Comcast are primarily interested in the streaming and studio assets - the Group's traditional TV business, on the other hand, hardly plays a role for them. While the takeover by Paramount would entail the fewest regulatory hurdles according to the Ellison side, a possible Netflix-WBD bundle in particular is making waves politically: The prospect of the leading streaming provider additionally controlling HBO Max is causing antitrust concerns.

Netflix, on the other hand, is trying to allay concerns and is said to have assured WBD that it will not touch existing cinema release models - an important point as Warner Bros. continues to rely on exclusive exploitation windows.

Personnel security in the background - and a possible plan B

Parallel to the bidding battle, the WBD Supervisory Board amended the contracts of CEO Zaslav and other top managers so that their share options would remain valid in the event of a sale.

However, despite intensive talks and growing pressure from interested parties, a sale is by no means guaranteed. One option remains on the table: WBD could reject the bids received and instead stick to its original plan to spin off the Warner Bros. business as a separate listed company. In this scenario, Discovery Global would carry the majority of the current debt and could retain up to 20 % of the new Warner Bros. unit.