Overview
- On its earnings call, Comcast said M&A must clear a “very high” bar but left the door open to studio and streaming assets, citing more viable options after its Versant spinoff.
- Comcast indicated any potential approach would target Warner Bros.’ film and TV studios and HBO Max rather than WBD’s cable networks such as CNN.
- Warner Bros. Discovery has launched a structured review after unsolicited interest; the board previously rejected three all-company offers from Paramount/Skydance, including a reported $58 billion bid.
- Regulatory risk looms large as analysts predict the Trump Department of Justice could oppose a Comcast–WBD tie-up, though some Comcast executives privately suggest such concerns may be premature.
- Netflix was listed among parties expressing preliminary interest, but co-CEO Ted Sarandos has publicly pushed back, reiterating no interest in owning legacy media networks.