Paramount, Comcast and Netflix lodge bids for Warner Bros Discovery

New Delhi: Warner Bros Discovery has received preliminary takeover bids from Paramount Skydance, Comcast and Netflix, according to Reuters, marking the start of what could become one of Hollywood’s largest consolidation moves in recent years.

The proposals come as the company evaluates strategic alternatives for its studio assets.
The bids will shape the future of major properties including HBO, the Warner Bros film library and the DC Comics universe.

Paramount is reported to be pursuing an acquisition of the entire Warner Bros Discovery group, including its cable television networks. Its offer is backed by controlling shareholder Larry Ellison, co-founder of Oracle and among the world’s richest individuals.

A deal with Paramount would significantly increase the company’s theatrical footprint, giving it an estimated 32% share of the North American box office, according to Comscore. It would also combine HBO Max with Paramount+, expanding its streaming footprint. Reuters earlier reported that Warner Bros Discovery’s board had rejected an almost all-cash offer of nearly $24 a share, valuing the company at about $60 billion, before announcing a review of its options.

Comcast, the parent company of NBCUniversal, is understood to be interested in the Warner Bros film and television studios and HBO. A merger of these assets would push the combined group’s theatrical market share to over 43%, Comscore data shows. The addition of DC’s well-known characters, including Superman and Batman, could bolster both its cinemas and theme parks.

Netflix has also submitted a preliminary proposal for the studio and streaming divisions, seeking access to Warner Bros’ library and established franchises such as “Harry Potter” and “Lord of the Rings”.

Warner Bros Discovery has already outlined plans to split into two publicly listed entities, separating its studios and streaming business from its declining cable networks.
Warner Bros Discovery did not immediately respond to Reuters’ request for comment. Comcast and Paramount Skydance declined to comment, while Netflix could not be reached. The development was first reported by The New York Times.