Recently, Netflix was revealed as competition for Paramount Skydance to potentially acquire Warner Bros. Discovery but a new report states that a third major studio has now entered the fray and potentially drive up WB's asking price.
According to Reuters, Universal Pictures is now looking over WB's financials and weighing the pros and cons of acquiring the legendary film studio.
As has been previously covered, WBD CEO David Zaslav is preparing to split the company in two, in a restructuring that would see the company split its studio and streaming assets (HBO, Max, Warner Bros. Television & Motion Pictures, and DC Studios) from its linear/cable networks (CNN, TNT, Discovery, etc.).
The split is targeted for completion by early to mid-2026.Once the split is finalized, Warner Bros. Discovery may look to offload its studio and streaming divisions to a new buyer. Industry buzz suggests that the newly created Paramount Skydance has already made two formal offers, while Netflix is reportedly preparing a bid of its own.
In a previously released press statement officially confirming that WBD would be fielding offers, Zaslav remarked, "It’s no surprise that the significant value of our portfolio is receiving increased recognition by others in the market. After receiving interest from multiple parties, we have initiated a comprehensive review of strategic alternatives to identify the best path forward to unlock the full value of our assets.”
Additional reports state that WBD will make a decision on whether to sell off its studio and streaming division or press on as its own entity by mid-December.
Universal, through its film studio Universal Pictures and its animation divisions Illumination and DreamWorks Animation, already boasts a massive lineup of globally recognized franchises, from Jurassic World and Fast & Furious to Ghostbusters and the studio’s legendary monster roster featuring Dracula, Frankenstein, and the Wolfman. Acquiring Warner Bros.’ iconic IPs would instantly supercharge Universal’s library, positioning it as a true rival to Disney’s empire of entertainment brands such as Marvel, Star Wars and more.
Apple and Amazon are also said to be in the mix but no formal reports have emerged that have confirmed their interest in Warner Bros.