Comcast Possible New Suitor for WBD

Comcast has hired Goldman Sachs and Morgan Stanley to evaluate a bid for Warner Bros. Discovery’s studio and streaming businesses, gaining access to confidential financial data as it explores a formal offer.

The potential deal targets Warner Bros. film and TV studios, HBO Max (nearing 150 million subscribers), HBO linear, and Discovery+—but excludes linear cable networks and TNT Sports, which will spin off as Discovery Global in April 2026.

Netflix has also retained Moelis & Co. to study the same assets, while Paramount Global’s three all-company bids ($19–$23.50/share) were unanimously rejected by WBD’s board.

Mike Cavanagh

Comcast’s strategic rationale includes instant scale (Peacock + HBO Max ≈ 200 million global subs), IP synergy (DC with Universal Parks), and a clean post-spin structure after offloading its own cable networks into Versant in January 2026.

Hurdles include antitrust scrutiny under a Trump DOJ, a $35–45 billion price tag, and WBD CEO David Zaslav’s leverage as the spin-off nears.

Comcast President Mike Cavanagh recently signaled openness to big deals, stating the bar is high but more is viable than public commentary suggests.

Separately, Comcast’s Sky is in exclusive talks to acquire ITV’s UK broadcasting arm for ~£1.7 billion. Markets reacted positively: WBD shares rose 4.8% to $12.87, Comcast gained 1.2%, while Netflix dipped 0.6%. Formal bids are expected by year-end.