Paramount, Comcast, Netflix Set to Bid for Warner Bros. Discovery Ahead of November 20 Deadline

Media giants Paramount Skydance (PSKY), Comcast (CMCSA), and Netflix (NFLX) are preparing offers to acquire Warner Bros. Discovery (WBD) ahead of the November 20 deadline. According to the Wall Street Journal, WBD has set that date for first-round, non-binding bids, with an auction expected to conclude before the end of the year. Meanwhile, Warner Discovery is moving forward with plans to split into two companies, one for its studios and streaming services, and another for its cable networks.

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David Ellison–led Paramount Skydance has emerged as one of the main contenders and an early bidder. The recently merged company reportedly aims to acquire all of WBD's divisions, including its studios, news operations, and legacy TV assets. In contrast, Comcast and Netflix are said to be interested only in WBD's movie and television studios and its HBO Max streaming platform, leaving out cable networks like CNN, TNT, and Discovery Channel.

Despite owning major entertainment assets, both Paramount and Comcast have lagged behind in the streaming race against Netflix, Amazon (AMZN), and Walt Disney (DIS). For Paramount, acquiring WBD could significantly boost its content pipeline, distribution reach, and competitive standing.

Paramount Has an Edge in the Game

Although Warner Bros.' board had earlier rejected multiple offers from Paramount, analysts suggest Paramount holds an advantage by seeking a full acquisition rather than selective assets. This approach could simplify regulatory review since the integration would likely avoid the vertical competition concerns that might challenge Comcast or Netflix.

Paramount's last bid was a cash offer of $23.50 per share, which represented a nearly 90% premium to WBD's market price before news of the bid became public. Paramount is backed by Oracle's (ORCL) billionaire CEO Larry Ellison and private-equity firm RedBird Capital Partners.

If successful, Paramount plans to maintain Warner Bros. movie studio, make over a dozen films for theaters each year, and run Paramount's studio separately. Together, the merged company would aim to release about 30 theatrical movies a year.

Netflix and Comcast Could Face Legal Hurdles

Netflix is interested in buying WBD because it could significantly improve its content by adding Warner Discovery's large library of movies and TV shows. However, analysts caution that the acquisition could raise antitrust and regulatory issues, particularly around market dominance in streaming. The report added that Netflix co-founder Reed Hastings had supported 2024 Democratic candidate Kamala Harris, and thus the Justice Department could block the deal if President Trump wanted to.

Similarly, Comcast sees strategic value in combining its NBCUniversal assets with WBD's entertainment library, potentially strengthening its global streaming platform, Peacock. However, concerns linger about Comcast's financial capacity and political challenges. Though the company generated $38 billion in adjusted earnings last year, its share price has declined over five years, and regulatory approval could be uncertain due to tensions between Comcast leadership and political figures.

PSKY, CMCSA, NFLX: Which Is the Best Media Stock, According to Analysts?

We used the TipRanks Stock Comparison Tool to determine which media company is currently preferred by analysts.

Analysts remain divided on the long-term outlook for all three companies. However, under the current scenario, CMCSA stock holds a Smart Score of eight, indicating a strong likelihood of outperforming expectations and offering the highest upside potential among its peers.