Warner Bros. Discovery has received preliminary bids from Paramount Skydance, Comcast, and Netflix as of November 21, 2025, with no official “ior favored bidder yet announced — though Paramount Skydance is widely regarded as the front-runner.
The bids, submitted by the Thursday deadline, kick off a formal auction process that could result in the sale of the entire company or just its studios and streaming assets (Warner Bros. film/TV and Max) by the end of 2025.
WBD’s board is reviewing the offers this week and aims to decide before Thanksgiving whether to advance to a second round of binding bids or reject them all.
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| David Ellison |
Sources say Ellison has offered CEO David Zaslav a co-CEO role in the merged entity.
Comcast is bidding only for the studios and Max (leaving cable networks behind) and is viewed as Zaslav’s personal preference because of his long history with NBCUniversal.
Netflix is also pursuing only the studios and streaming assets in a mostly stock deal but faces the steepest regulatory obstacles and is considered the least likely to advance.
As of Friday, WBD stock closed at $23.19, up slightly, reflecting investor optimism tempered by uncertainty. The board could still abandon a sale and proceed with its previously announced plan to split the company in 2026 into separate streaming/studio and cable-network entities.
No final decision has been made, and the situation remains fluid, with potential for revised bids, joint offers, or an outright rejection in the coming weeks.