The formal bidding process for Warner Bros. Discovery is about to get underway.
According to a report by Joe Flint in The Wall Street Journal, Paramount, Comcast, and Netflix are all prepared to submit bids for Warner Bros. Discovery by an initial non-binding Nov. 20 deadline. WBD, as previously reported, is hoping to have the process completed by year’s end.
The report is the first indication of Netflix’s formal interest in the company, though the streamer has been speculated as a bidder for some time. Paramount, of course, has already submitted multiple unsolicited bids for the company with the backing of new billionaire owner David Ellison. Last week, reports surfaced that Comcast had hired bankers to explore a potential bid.
Out of the three companies purportedly submitting formal offers, only Paramount is interested in the whole of WBD, which would include the TNT Sports networks. Comcast and Netflix are reportedly only interested in WBD’s streaming and studios businesses.
WBD is still preparing for a planned split to be conducted in April 2026 that would separate its streaming and studios businesses from its legacy cable assets. Should the split occur, which it likely would for tax purposes if WBD settles on one of Comcast or Netflix’s offers, there would be no clear M&A opportunities for TNT Sports. Comcast’s own cable-focused spinoff company, Versant, has already indicated it is not interested in acquiring more cable networks. And it’s unlikely Paramount would remain interested in WBD’s legacy assets if it fails to secure the more valuable streaming and studios businesses.
Per Flint, “Paramount and Comcast believe they would benefit from greater scale to compete against big tech companies such as Netflix and Amazon, both of which operate global streaming services.” Netflix, on the other hand, sees WBD’s “vast library of movies and TV shows” as an opportunity to bolster its content library and acquire valuable intellectual property.
About Drew Lerner
Drew Lerner is a staff writer for Awful Announcing and an aspiring cable subscriber. He previously covered sports media for Sports Media Watch. Future beat writer for the Oasis reunion tour.