WBD Sale Moves Forward As Paramount Skydance, Netflix, And Comcast Submit Nonbinding Bids

The potential sale of Warner Bros. Discovery (WBD) has entered its next key phase. Paramount Skydance, Comcast, and Netflix have all submitted their first-round, nonbinding offers to buy all or part of the company. According to industry sources, WBD’s board plans to look over the bids before Thanksgiving, with the extremely ambitious goal of deciding on next steps before the end of 2025.

These bids mark the biggest development since WBD confirmed in October that it was exploring “strategic alternatives.” That includes everything from selling the whole company to splitting it in two, with Warner Bros. as one piece and Discovery Global as the other. The first-round submissions now set the stage for a competitive second round later this year, when the board will ask for binding offers.

All or Nothing
Among the three, Paramount Skydance is reportedly the only group going after the full WBD package, including the company’s struggling cable networks. Several outlets cite insider info saying the offer is roughly in line with the valuation the Paramount Skydance owners, the Ellison family and RedBird Capital, reportedly floated back in October.

Other Major Players
Comcast and Netflix, on the other hand, are reportedly focused almost entirely on the Warner Bros. studio and its streaming assets. Neither seems interested in taking on WBD’s traditional TV business. Both companies have spent the last few weeks digging into the value of Warner Bros.’ production capabilities, its franchises, and its global distribution reach.

As we previously reported, Netflix has already gotten access to WBD’s financial data room, a sign that the world’s largest streamer is seriously weighing the pros and cons of an acquisition. This week also saw Netflix reportedly commit to maintaining Warner Bros.’ theatrical releases, which would almost certainly become a key factor in any negotiations.

What This Means for Animation
If Warner Bros. studio assets are sold, the impact on animation could be huge. Any deal would include, but not be limited to, Warner Bros. Animation, Cartoon Network Studios, Adult Swim, and the libraries for Looney Tunes, Tom and Jerry, Hanna-Barbera, and the entire DC animation catalog. Whoever ends up in control would also inherit the long-term production pipelines attached to those brands.

Inside the Company
Meanwhile, WBD employees are facing yet another round of uncertainty. If this sale goes through, it will mark the fourth major ownership change in just over a decade. Years of restructurings, cost-cutting, and shifting strategies have already strained morale at the studio. Surely, the fact that one of the three, Paramount Skydance, is currently cutting 2,000 jobs at Paramount following its own merger isn’t inspiring confidence.

What Happens Next
A second round of bids is expected soon after the board completes its initial review. If WBD picks a preferred buyer by late December, the deal would then face heavy regulatory review well into next year, both in the U.S. and abroad.

For now, the animation world is watching closely as one of the industry’s most influential studios edges toward what could be its biggest transformation yet.