Paramount, Comcast and Netflix Submit Bids for Warner Bros. Discovery

Of the three bidders, only Paramount is pursuing all of Warner Discovery, including cable channels

By Joe Flint and Lauren Thomas

Nov. 20, 2025 8:19 pm ET

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Warner Discovery is meanwhile planning to separate its assets into two companies. Mike Blake/Reuters

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• Paramount, Comcast and Netflix submitted nonbinding bids for Warner Bros. Discovery, with further rounds anticipated.View more

Paramount, Comcast and Netflix have submitted bids for Warner Bros. Discovery, owner of the storied Warner Bros. movie and television studio and HBO, according to people familiar with the matter.

The bids submitted are nonbinding, and additional rounds are expected, The Wall Street Journal previously reported. Warner Discovery has indicated it would like to have the process concluded by the end of the year.

At the same time, Warner Discovery continues to move forward with plans to separate its assets into two companies: one to house its studios and streaming business, and the other comprising its cable networks.

Of the three bidders, only Paramount is pursuing all of Warner Discovery, including studios and streaming as well as its portfolio of cable networks like CNN, TNT and Food Network, people familiar with the matter said.

NBCUniversal parent Comcast and streamer Netflix are bidding only for the studios, HBO and streaming service HBO Max, the people said.

Paramount has already put in three previous unsolicited offers for Warner Discovery, which were rebuffed. Paramount was expected to make a mostly cash offer in the same range as its last bid of about $23.50 a share, The Wall Street Journal reported.

Any acquisition will require government approval. Some lawmakers have raised concerns with U.S. regulators about Netflix owning HBO Max service and whether that would give the combined company unfair market power.

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Comcast purchasing Paramount would put two legacy movie studios under the same roof. However, the Justice Department signed off on Disney’s 2019 acquisition of the Fox movie and television studios.

Comcast, and particularly its late-night host Seth Meyers and NBC News, are often targets of attacks from President Trump.

On an earnings call, Comcast co-Chief Executive Mike Cavanagh said the regulatory hurdles in Washington for the company to do a deal might not be as significant as some believe.

A combination of Paramount and Warner would also put two major studios under one corporate umbrella. The two would own a significant number of cable channels, which could also draw scrutiny from lawmakers and regulators.

Write to Joe Flint at Joe.Flint@wsj.com and Lauren Thomas at lauren.thomas@wsj.com

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