After months of speculation, it's become increasingly evident that another studio might actually purchase Warner Bros. Discovery as soon as next year. The only thing we don't know is who it will be.
Several weeks ago, a few self-proclaimed experts wrongly asserted this could never happen (even though it was painfully clear that preparations were in the works), but several reports have emerged since and it's hard to ignore the fact that Warner Bros. Discovery's financial status isn't great right now, even if its 2025 theatrical run was a big success.
WBD is planning an early to mid-2026 restructuring that would see the company split in two- one company would contain its studio and streaming assets (HBO, Max, Warner Bros. Television & Motion Pictures, and DC Studios) and the other company would house its linear/cable networks (CNN, TNT, Discovery, etc.).
Current WBD CEO David Zaslav appears to be keenly-focused on erasing the $30–$40 billion in debt created by the Warner Bros. and Discovery merger back in 2022.
The newly created and Larry Ellison-backed marriage of Paramount and Skydance made an offer back in October to the tune of roughly $49.64 billion ($20/share), which was rejected by Zaslav. Paramount Skydance more recently made a second offer of $24/share, which was also rejected.
In a 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.”
Samuel A. Di Piazza, Jr., Chair of the Warner Bros. Discovery Board of Directors added, "Our decision to initiate this review underscores the Board’s commitment to considering all opportunities to determine the best value for our shareholders. We continue to believe that our planned separation to create two distinct, leading media companies will create compelling value. That said, we determined taking these actions to broaden our scope is in the best interest of shareholders."
Now, reports have come in that Netflix has hired the same consulting firm, the financial advisors of Moelis & Co, who just recently provided similar services to Skydance on its acquisition of Paramount.
As previously remarked, despite some successes over the years, Netflix has largely struggled to create its own stable of powerful IP, which logically dictates that the streamer should, at the very least, explore the idea of buying instead of building.
Other companies/studios said to be in the mix besides Netflix and Paramount Skydance are Apple, Comcast, and Amazon.