Three companies—Paramount Global/Skydance, Comcast, and Netflix—submitted preliminary bids on November 20, 2025, to acquire all or parts of Warner Bros. Discovery (WBD), the owner of HBO, CNN, Max, and Warner Bros. studios.
However, each faces a unique mix of antitrust scrutiny, political hostility from the incoming Trump administration, congressional opposition, and potential foreign-investment reviews that analysts say make approval far from certain.
Paramount/Skydance is bidding for the entire company but is under fire after Paramount donated $16 million to Donald Trump’s Presidential Library to settle a lawsuit over a “60 Minutes” edit. Democratic senators Elizabeth Warren, Bernie Sanders, and Richard Blumenthal have warned that approving the deal could appear “tainted by political influence,” while the combined cable networks (CBS, Paramount channels, TNT, TBS, etc.) would likely trigger intense DOJ scrutiny.
Netflix, targeting Max and the Warner film library, has drawn Pentagon criticism for “woke” content and Republican accusations from Sen. Roger Marshall and Rep. Darrell Issa that the deal would raise prices and kill competition. Its sheer scale—adding 128 million Max subscribers to its 300+ million base—makes it the most likely target for a full antitrust blockade.
Regulatory timelines could stretch 12–18 months or longer, with the Department of Justice, FTC, CFIUS (if foreign money is involved), and European authorities all in play. Analysts warn that political pressure from both parties and Trump’s personal media grudges could force major concessions or scuttle the transaction entirely.
WBD’s board is pushing for a sale before its planned 2026 split, but the combination of depressed stock price, $60 billion-plus valuation, and the current political climate has lowered expectations for a clean, quick deal. Binding bids are due soon, with a possible announcement by year-end—provided any bidder can navigate the gauntlet of Washington opposition.