Owns CNN, HBO Max, and More
Company to Be Split into Streaming Studio and Cable Divisions
The Wall Street Journal (WSJ), citing multiple sources, reported on November 13 (local time) that Paramount Skydance (Paramount), Comcast, and Netflix are preparing to join the bidding war to acquire Warner Bros. Discovery (Warner Bros.).
Warner Bros., which was created through the 2022 merger of WarnerMedia and Discovery, owns movie and TV studios, the streaming service HBO Max, as well as cable channels such as CNN, TNT, and Discovery.
In June, Warner Bros. announced plans to split into two separately listed companies by next year: a streaming studio business division and a cable broadcasting division.
According to sources, Paramount plans to participate in the official bidding process and hopes to acquire the entire Warner Bros. company. Paramount had previously made an acquisition offer to Warner Bros., which was rejected because the proposed price was considered too low. Paramount is led by David Ellison, son of Oracle founder Larry Ellison.
Comcast, the parent company of NBCUniversal, and Netflix are reportedly interested in Warner Bros.' movie and TV studios, as well as its streaming service HBO.
WSJ reported that Comcast, which is financially weaker than Netflix and Paramount and owns the progressive media outlet MSNBC, may face questions about whether it can secure regulatory approval for the acquisition.
The first deadline for non-binding initial bids is reportedly set for the 20th of this month.
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