Possible Scenarios for Warner Bros. Discovery in the Coming Months
Warner Bros. Discovery (WBD) has moved from rumor mill to deal room.
The company publicly confirmed it’s reviewing “strategic alternatives” after receiving unsolicited buyout interest… both for the whole company and for major parts like Warner Bros. studios, just months after outlining an internal plan to split into two separate businesses.
Shares jumped on the news, and the board simultaneously rejected a mostly cash takeover offer from Paramount/Skydance valued near $60B, signaling they think the assets are worth more.
Below is what we believe is a clear, grounded look at what’s most likely to happen whether it’s a whole company sale, break-up, or a “stay the course” split… based on confirmed reporting and current industry assessment.
1) An all-out sale (most likely buyer profile)
Paramount/Skydance as the stalking horse
David Ellison’s newly combined Paramount–Skydance is widely viewed as the front runner if WBD sells outright.
The board has already swatted away two reported approaches.
One around $20/share and a later one that was around $24/share ($60B).
I would expect a higher bid or at the very least a revised structure if Ellison wants to close this deal.
He has shown the appetite, and his group has already proved it can get big media deals done.
So why didn’t WBD accept $60B?
Because a buyer doesn’t just pay what their current market value is… they also inherit the debt.
WBD carries roughly $35B of debt, which pushes the effective enterprise cost into the $80B+ range, narrowing the pool of credible buyers and giving WBD leverage to hold out for more.
Comcast/NBCUniversal as the scale play
Comcast has long been floated as a logical partner, especially if it can merge studio/streaming assets and ring fence linear networks to appease regulators.
Reporting indicates Comcast is at least examining the chessboard, but any NBCU/WBD combo would face heavy antitrust scrutiny and might require divestitures (Big issues with news overlap).
Big Tech as wild cards (Apple, Amazon)
Both are regularly named by bankers and outlets. That is because they have the balance sheets and would love WBD’s library… but each has been cautious about buying legacy cable networks.
Recent roundups suggest they’re “monitoring” or doing early diligence rather than leading with firm offers.
Netflix as a surgical bidder
Netflix has little interest in owning linear TV networks (this coming from their leadership) but could covet the studio + HBO content engine.
If WBD sells in parts (see below), Netflix makes far more sense as a bidder for the studio/streaming side than as a whole co buyer.
A whole company sale needs a buyer that can pay up, shoulder $35B in debt, and clear regulators.
Paramount/Skydance currently checks the most boxes, but price and policy will decide it.
2) A break-up sale (sell the parts, not the whole)
WBD has already mapped a separation into two companies by mid 2026.
Warner Bros. (studios + Max) and Discovery Global (networks like CNN, TNT/TBS, Discovery, HGTV, Food Network).
The board explicitly left the door open to execute “separate transactions” for each piece instead of one megadeal.
This could unlock even more value. Many suitors want the studio/IP and Max but not the declining linear networks (and the debt attached).
Analysts specifically note that “the studio would make sense for Netflix and Apple,” while network assets could be combined with other linear portfolios or spun into a cost focused entity.
Warner Bros. studio + Max : Natural bidders include Netflix, Apple, Amazon, Comcast… or Ellison if a whole company deal stalls. This package comes with DC, Game of Thrones, LOTR (film rights via New Line), The Conjuring, Looney Tunes, etc. It’s the IP stack everyone wants.
Discovery Global (networks): Could be spun off to shareholders, merged with another networks group, or targeted by financial sponsors focused on cash yield.
News overlap makes Comcast tricky unless assets are divested, but a networks only merger to drive cost synergies apparently remains plausible.
If bids for “the whole enchilada” don’t clear the board’s number, a staged break up and sell studio/Max at a premium, rationalize networks separately becomes the cleanest value path.
3) Independence + the planned split (the fallback path)
The market has fixated on Mergers & Acquisitions, but WBD can still execute its two company split and keep running independently if offers disappoint.
The board’s messaging is deliberately flexible to explore bids while preparing to separate. That optionality helps push bidders higher.
Strategic implications for the big franchises (DC, Potter, Thrones)
Whatever path wins, IP is the prize. DC, the Wizarding World, Game of Thrones/House of the Dragon, LOTR via New Line, and The Conjuring are the engines that justify premium bids on screens, in games, and at theme parks.
A sale to Comcast would turbocharge Universal parks… a sale to a streamer would supercharge subscriber growth… a piecemeal sale would keep the studio/IP bundle intact even if networks go elsewhere.
4) Why a Drawn Out Process Is Likely
A full sale at an $80B+ enterprise value is a massive pill to swallow, even for deep pocketed players like David Ellison.
WBD rejecting a $60B bid already signals they’re trying to spark a bidding war or squeeze out better terms. But realistically, few buyers want to inherit $35B in debt and a pile of declining cable assets in 2025’s media landscape.
That alone makes an instant, all in acquisition less likely.
What’s far more probable is months of strategic posturing, info leaks, and perhaps another offer from Ellison testing the board’s resolve. But when push comes to shove, the company’s real power play is the split.
Why the Split Is the More Likely Endgame
David Zaslav and the WBD board didn’t design the two company split as a bluff. It’s a calculated way to make the business easier to sell later a clean, modular, and more attractive to a wider range of bidders.
Warner Bros. + Max + IP becomes a lean, high margin content machine without the weight of cable.
Discovery Global remains a cash generating but slowly shrinking TV asset sort of a perfect candidate for a spin-off or merger with another network group.
This structure lowers the effective acquisition price for any buyer because they’re not forced to swallow both halves at once.
It’s a scenario tailor made for players like Apple Inc., Netflix, and Comcast, who want the IP and streaming muscle but not the baggage.
5) What’s Most Likely to Happen
Ellison circles but doesn’t close, possibly raising his bid but not enough to hit WBD’s $27–30/share target.
Zaslav doubles down on the split plan, aiming for mid 2026, giving WBD more leverage.
Once Warner Bros./Max is isolated, expect a real bidding war between streamers and studios hungry for DC, Looney Tunes, Harry Potter, Game of Thrones, and more.
Discovery Global either gets spun off to shareholders, merges with another cable group, or is sold to a cash flow focused buyer.
This is the move that maximizes value, fits the regulatory climate, and aligns with what WBD’s leadership has been telegraphing since 2022.
Bottom Line
My Instincts are telling me
An Ellison full buyout isn’t impossible, but it’s unlikely at the current price.
The split will almost certainly happen first.
The real money is made when Warner Bros./Max/IP hits the open market without the cable ballast.
That’s when Apple, Netflix, or Comcast make their play.
Prediction: WBD completes the split, then sells Warner Bros. Studios + Max to a streamer or studio by late 2026, while Discovery Global either spins off or is sold separately.
This won’t be a quick, clean sale… it’ll be a strategic chess match over the next 12–18 months, and when the smoke clears, Warner Bros. Discovery as we know it today likely won’t exist anymore.
