Warner Bros. Discovery (WBD) has launched a formal auction with a deadline for first-round bids on November 20, 2025, aiming to complete a sale or split by year-end, as Paramount, Comcast, and Netflix prepare competing offers.
Paramount, backed by Skydance, seeks the entire company—including studios, HBO Max, and cable networks like CNN and TNT—to create a global streaming giant with ~30 films annually. It has submitted three prior unsolicited bids, the latest at $23.50 per share in cash, and could go hostile if rejected again.
Comcast targets only the high-value streaming and studio assets, including HBO Max and Warner Bros. film/TV production, to bolster Peacock after spinning off cable networks. CEO Brian Roberts has met with WBD’s David Zaslav and is exploring options via advisors.
Netflix, advised by Moelis & Co., also focuses on studios and HBO Max to secure premium IP like Game of Thrones and DC franchises, but faces intense global antitrust scrutiny as the dominant streamer.
WBD initiated the process after rejecting Paramount’s earlier offers and was already planning to split into streaming/studios and cable units. Shares rose 3–5% in after-hours trading on November 13 following the auction news.
The auction reflects media consolidation amid streaming competition with tech giants. If no full buyer emerges, WBD will proceed with its planned breakup.