Overview
- Warner Bros. Discovery is running a formal strategic review after unsolicited approaches and is proceeding with a plan to split into a studios/streaming entity and a separate global networks business.
- Netflix has hired Moelis & Co. and obtained access to Warner Bros. Discovery’s data room to evaluate a potential offer for the studio and streaming operations, according to multiple reports.
- Paramount Skydance has made three unsolicited bids for the entire company that the board rejected, and CEO David Zaslav told employees the company is seeking higher offers, with one bid reported at $23.50 per share.
- Comcast signaled selective interest in Warner’s studio and streaming assets after its Versant spin-off, saying the bar for M&A is very high, as analysts warn a Comcast deal could face significant regulatory hurdles under the current administration.
- Netflix leadership has reiterated it does not want legacy cable networks, while Paramount Skydance’s David Ellison has indicated he would retain James Gunn and Peter Safran as DC Studios co-CEOs if his bid prevails.