Warner Bros. Discovery's sale process has been a complex one. Though Paramount emerged as the most plausible buyer from the beginning, the situation became more uncertain when Netflix and Comcast entered the picture. Following multiple ups and downs, there is now a more concrete idea of the direction the sale will take. According to the Wall Street Journal (via The Wrap), Warner Bros. Discovery is officially going up for auction.
Paramount, Netflix and Comcast are preparing to submit a first-round of non-binding bids for the company prior to a November 20 deadline. As previously reported, WBD expects to reach a decision on its fate by mid to late December.
Netflix and Comcast are said to be "primarily" interested in Warner Bors. Discovery's film and television assets, including HBO Max, and not on its traditional-television components, which includes CNN and the Discovery Channel. Per The Wrap, WBD CEO David Zaslav recently had lunch with Comcast's CEO Brian Robert's to, "explore a potential bid for the studio and streaming assets."
Paramount, on the other hand, is said to be interested in WBD as a whole. The company's intention to submit a bid is somewhat surprising, given that, in a recent earnings call, CEO David Ellison cast doubt on Paramount's interest in Warner Bros.:
"It's important to know that there's no must-haves for us—we really look at this as buy versus build, and we absolutely have the ability to build to get to where we want to go." Ellison continued: "We believe we can achieve our goals with our creative content engines. We believe we can achieve our streaming goals and that we can drive enterprise efficiency [...] and create value and longterm free cash-flow generation all through [...] building."
Netflix and Comcast acquiring only a portion of the company is plausible, as a separation is, indeed, being considered by Warner Bros. Earlier in 2025, WBD announced its split into two entities—Discovery Global, for the company's traditional-TV assets, and Warner Bros. for its film, television and streaming brands. Then, in November, WBD was reported to be considering, among other options, selling itself in parts.
Per CNBC, the split is a strategic move, given that selling the company as two separate entitities would be more tax-efficient than selling as one corporation. In a previous report, it was revealed that, despite WBD enjoying a fruitful year in terms of box office returns, its theatrical revenue had been offset by significant losses in the company's traditional-TV side.
The report stated WBD could use this as evidence for shareholders, to make a case for the company selling as two separate entities. With this new development regarding Comcast and Netflix's intentions, as well as WBD's own interest in a separation, being sold in parts might be an unexpectedly likely outcome for WBD.