Comcast’s bid for Warner Bros. Discovery would look to merge the media giant’s studio and streaming business with NBCUniversal, according to Bloomberg.
Under the terms of the deal, Comcast would continue with the separation of its cable network portfolio into Versant, while WBD would continue with the separation of its cable network portfolio into Discovery Global.
The offer, which would give WBD shareholders a combination of cash and stock, also includes a management role for Warner’s CEO David Zaslav at the combined entity, per the outlet. Financial terms of the bid were not disclosed.
A Comcast spokesperson declined to comment.
Comcast’s latest offer comes as Netflix has submitted a majority cash bid for Warner’s studio and streaming business. Meanwhile, Paramount’s latest bid for the entire company is an all-cash offer that includes backing from Middle Eastern sovereign wealth funds and debt financing from Apollo Global Management.
Experts previously told TheWrap that, while a Comcast bid for Warner Bros. makes strategic sense, it would face challenges securing regulatory approval from the Trump administration and beating the deep pockets of the Ellison family.
But Comcast president and soon-to-be co-CEO Mike Cavanagh has appeared to be less concerned about the potential regulatory challenge, telling analysts during the company’s third quarter earnings call for 2025 that he thinks “more things are viable than maybe some of the public commentary that’s out there.”
The latest round of bidding comes after Warner Bros. Discovery asked for improved offers following the first round of non-binding bids last month. It’s unclear whether WBD will ask for a third round of bids or enter exclusive talks with one of the companies as a next step.
A final decision is expected to be made around Christmas.
