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Warner Bros. Discovery Is Officially Up For Sale
Taking bids // Image by Kait Cunniff with DALL-E
After just three and a half years, Warner Bros. Discovery is officially up for sale, with CEO David Zaslav and his board reviewing interest from several unsolicited parties that could see the entertainment giant auctioned off in pieces or as a single entity.
The Big Picture: Warner Bros. has already weathered two major M&A deals over the past decade — first with AT&T, then Discovery — both of which eroded shareholder value, racked up debt, and triggered sweeping layoffs in a failed quest to chase Netflix. A third sale risks repeating history… unless a buyer emerges with the clarity and capital to restore the studio’s former prestige, à la Skydance’s ambitions with Paramount.
Behind The Offers: There are only so many companies who can afford WBD’s $50 billion valuation and its $34 billion debt load.
Paramount, which kicked off the sale narrative last month, recently made a second offer to buy WBD outright… but that was rejected this week.
Comcast, long rumored as a potential buyer, is reportedly kicking the tires, but hasn’t made a formal offer yet.
Netflix, despite public denials, is said to be considering an offer for WBD’s studio operations, content library, and film production lot, per Bloomberg.
Final Bidding: Analysts have long suspected that Zaslav’s endgame was to flip the company for a massive exit — especially as leadership has shuttered multiple divisions, slashed costs to pay down debt, and considered splitting the company in two to unlock more value. Wall Street hasn’t loved the moves, with WBD’s stock circling the drain in recent months. But renewed buyer interest has investors perking up, sending the company’s shares up 12% yesterday.
Now, the countdown to Hollywood’s next mega-deal begins.
Next Owners: If Netflix emerges as the prevailing suitor for WBD, it could use the acquisition as a launchpad for a premium theatrical arm separate from its flagship streamer.
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Today’s email was written by David Vendrell.
Edited by Nick Comney. Polled and Copy-edited by Kait Cunniff.
Published by Darline Salazar.