Warner Bros. Discovery: after Paramount, takeover offers from Netflix & Comcast (Sky)

The streaming platform Netflix and media conglomerate Comcast (which also owns Sky and NBCUniversal) have joined Paramount Skydance as candidates to buy US group Warner Bros. Discovery (Eurosport, HBO Max), according to The Wall Street Journal on 20/11/2025.

Paramount, which has already been turned down for three bids, including one for $60bn (€52.1bn), would like to acquire the entire group, while Comcast and Netflix would like to acquire only the studios business, HBO and the HBO Max streaming platform. A decision should be made by the end of 2025, according to The Wall Street Journal.

Warner announced on 22/10/2025 that it had "initiated a review of strategic alternatives to maximise shareholder value, in light of unsolicited interest the company has received from multiple parties". Among the options considered by Warner Bros. Discovery's board of directors:
• the continuation of the demerger of the group into two companies (Warner Bros. and Discovery Global), announced in June 2025 and expected by mid-2026;
• a sale of the entire group;
• separate sales for its Warner Bros. and/or…