Overview
- Netflix has retained Moelis & Co. to evaluate a potential offer for Warner Bros. Discovery and has been granted access to financial information, according to multiple reports.
- Warner Bros. Discovery confirmed it has opened a comprehensive strategic review to field offers while keeping its plan to separate studios/streaming from linear networks in mid‑2026.
- Paramount Skydance remains an active suitor after multiple bids were rejected, with reported offers including $20 and $24 per share.
- The company’s post‑merger debt, estimated at roughly $30–$40 billion, and ongoing valuation and financing questions are central hurdles to any deal.
- Other potential buyers under consideration have been reported, and any transaction would likely face antitrust scrutiny and decisions about purchasing the whole company versus carving out the networks.