Search Here

Comcast is exploring a potential bid for Warner Bros Discovery's studio and streaming businesses, according to multiple sources familiar with the matter.

The media giant has hired Goldman Sachs and Morgan Stanley to advise on the prospective deal and has been granted access to a data room containing Warner Bros Discovery's financial information.

NBCUniversal's parent company has yet to comment publicly on the possible acquisition, and spokespeople for Warner Bros Discovery, Goldman Sachs, and Morgan Stanley also declined to respond.

Comcast President Mike Cavanagh previously told investors that the company is considering media assets "that would be complementary to our existing business."

According to Reuters, he added that skepticism over regulatory approval may be overstated, saying, "more things are viable than maybe some of the public commentary that's out there."

Industry analysts have raised questions about Comcast's ability to complete a merger. Some point to past criticism of Comcast's CEO, Brian Roberts, by former President Donald Trump as a potential hurdle, although the company appears committed to pursuing strategic acquisitions.

Comcast Prepares Versant Spin-Off Amid Major Media Moves

Warner Bros Discovery has signaled openness to a sale of its assets. CEO David Zaslav highlighted the company's strong studio and television operations during its third-quarter investor call and projected HBO Max would reach 150 million subscribers by year-end.

The company began evaluating options after receiving unsolicited offers from Paramount Skydance and other interested parties, prompting the creation of a formal auction process.

Netflix is also evaluating a potential bid for Warner Bros Discovery's studios and streaming services, retaining Moelis & Co. to advise on the matter.

Meanwhile, Amazon MGM has expressed interest in the company as well.

Warner Bros Discovery had originally planned to split its operations into two separate entities—studios and streaming versus linear television—by mid-2026, but the sale discussions could accelerate or change that timeline.

Comcast is simultaneously in talks to acquire the broadcasting arm of ITV in the UK, separate from its interest in Warner Bros Discovery.

Comcast's recent acquisitions include the $40 billion purchase of Sky in 2018, although it sold Sky Deutschland to RTL Group earlier this year for $175 million, Deadline reported.

While Comcast navigates potential mergers, the company is also preparing to spin off its linear cable networks into a new entity called Versant, expected to be completed early next year.