Earlier this year, when Warner Bros. Discovery first announced its plans to re-split into Warner Bros. and Discovery Global, it seemed there was a simple parting of ways ahead. As several studios are now looking to Warner Bros. Discovery as a whole for potential M&A, however, it seems there could be new drama afoot. Brandon Blake, the entertainment lawyer with Blake & Wang P.A., has the news for us.

Brandon Blake

Multiple Bids Received

To date, it is reported that not only Paramount, but also Comcast and even Netflix (which initially signaled that they had no intention of submitting a bid) have put in their offers for all or part of Warner Bros Discovery. WBD itself announced a deadline for non-binding bids as of last week, after which any potential bidder will be able to submit final binding offers.

The revived interest in Warner Bros. Discovery, coming at a time when tech’s intrusion into Hollywood and concerns not only about what that could mean for its future, but also how changing audience habits will impact stability in the future, is a surprising one, for all the interest in its successful flagship assets, like HBO Max, is understandable.

When Could We See WBD Sold?

While at the last internal update, Warner Bros. Discovery is still laying the groundwork for a split in mid-2026, it has also suggested that a successful bid could close as early as late December. After which, of course, there will be regulatory hurdles, possibly taking up to a year to clear.

Let’s be honest for a moment. M&A activity is rife across Hollywood.

What really makes Warner Bros. Discovery different in this mix is the prestige and long history that the Warner Bros. Studio and lot have. Interestingly, most analysts have Paramount in the poll position as winners, who would no doubt benefit from Warner Bros to offset its own struggling cable networks, which are becoming something of a drag. For Comcast and Netflix, the appeal is likely in the studio and the highly successful streaming brand.

The people who make Warner Bros, however, seem less enthusiastic, and it can be understood: this would be the fourth shake-up in company structure within a decade. Nor was their latest- the eponymous merger with Discovery in 2022’s $43B deal, the easiest, with a plunge on the stock market and years of cutbacks, rebranding, and redoing following.

While Paramount’s bid is for the full company, without the planned split (although we may still see that go ahead regardless), their own rocky road to new ownership will doubtless raise some worries. However, their ties to the Ellison family would probably earn them a more favorable regulatory approval path than Comcast would have, as it has been on the outs with the current administration. Netflix remains a dark horse, and it’s also unclear why, other than the consolidation of other key streaming players and possible Warner Bros. Discovery’s impressive library of titles, they would be in the market for M&A.

Now, we can only wait and see who emerges victorious and what their plans will be for the studio once they do.