Recently, Netflix was revealed to be in competition with Paramount Skydance to potentially acquire Warner Bros. Discovery, but a new report says a third major studio has now entered the fray and could potentially drive up WB’s asking price.
According to Reuters, Universal Pictures is currently reviewing WB’s finances and weighing the pros and cons of acquiring the legendary film studio.
NBCUniversal (Comcast) is preparing a tender offer to acquire Warner Bros.
• NBCU hired Goldman Sachs and Morgan Stanley to evaluate a potential offer
• The acquisition would be limited to studio and streaming activities
• Warner Bros financial information has been released… pic.twitter.com/TFenJNsgc0
– DCU PRIME TV (@DCUPRIMETV) November 6, 2025
As previously discussed, WBD CEO David Zaslav is preparing to split the company in two, part of a restructuring that would see the company separate its studio and streaming assets (HBO, Max, Warner Bros. Television & Motion Pictures, and DC Studios) from its linear/cable networks (CNN, TNT, Discovery, etc.).
The split is expected to be finalized by early to mid-2026. Once the split was finalized, Warner Bros. Discovery may consider handing over its studio and streaming divisions to a new buyer. Industry buzz suggests that newly formed Paramount Skydance has already made two formal offers, while Netflix is reportedly preparing its own offer.
In a previously published press release officially confirming that WBD would be fielding offers, Zaslav remarked: “It is not surprising that the significant value of our portfolio is increasingly recognized by other market participants. After receiving interest from multiple parties, we initiated a comprehensive review of strategic alternatives to identify the best path forward to unlock the full value of our assets.
Additional reports indicate that WBD will make a decision to sell its studio and streaming division or continue as its own entity by mid-December.
Universal, through its film studio Universal Pictures and its animation divisions Illumination and DreamWorks Animation, already owns a vast array of globally recognized franchises, from Jurassic World and Fast & Furious to Ghostbusters and the studio’s roster of legendary monsters including Dracula, Frankenstein and Wolfman. Acquire Warner Bros. the iconic IPs would instantly boost Universal’s library, positioning it as a true rival to Disney’s empire of entertainment brands like Marvel, Star Wars and more.
Apple and Amazon are also said to be in the mix, but no official reports have confirmed their interest in Warner Bros.
