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Warner Bros. Discovery (WBD) is playing the field, asking the entertainment world, “Who wants me?” with a potential sale on the table. The hybrid giant—blending Big Five Hollywood prestige with Deadliest Catch grit—dropped the bombshell yesterday after fielding interest from “multiple parties,” likely serenading its Burbank lot with metaphorical boomboxes.
The announcement sparked a surge in WBD stock, hitting its highest mark since the WarnerMedia-Discovery merger euphoria of 2022, a union now unraveling faster than a blockbuster sequel.
Earlier this year, WBD signaled a split into two camps by mid-2026: one housing its prized studios and streaming assets like HBO Max, and another saddled with fading TV networks like CNN. But CEO David Zaslav is rethinking the script, betting he can juice shareholder value by selling the halves separately, per Bloomberg. Enter Paramount Skydance’s David Ellison—Larry’s son and fresh from his own merger—who’s gunning to buy WBD whole before the breakup.
His recent offers, rumored in the $20-$24 per share range, got the cold shoulder as too low, though a win could pair CNN with CBS under Bari Weiss’s new editorial helm at Paramount’s The Free Press acquisition this month.
The suitor lineup is a power-packed roster:
Paramount Skydance: Persistent but rebuffed, they’re not out of the game yet.
Netflix: Co-CEO Ted Sarandos eyes the Warner Bros. content vault (Harry Potter, Matrix), but co-CEO Greg Peters’ recent dismissal of a full buy suggests a selective approach—cable’s a hard pass.
Comcast: With NBCUniversal shedding cable channels, they’re eyeing WBD’s assets, though their own pivot might limit the chase.
Apple and Amazon: Tech giants salivate over HBO Max, but Apple’s Eddy Cue has cooled speculation about a full takeover.
As of 05:31 AM CDT today, October 23, 2025, WBD’s stock sits at $20.771 with a market cap of $50.33 billion (per the finance card), reflecting a 46%+ spike since September rumors. The $40 billion debt load and cable’s decline are pushing Zaslav to act, but is this a fire sale or a strategic flex?
Industry watchers see more consolidation ahead—fewer players, bigger empires. WBD’s keeping its cards close, but the buzz suggests Hollywood’s next chapter is being written in boardrooms, not on sets. Who’ll seal the deal? The clock’s ticking.
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