Warner Bros Discovery is at the center of a high-stakes bidding war as Paramount Skydance, Comcast, and Netflix compete to acquire the New York-based entertainment giant.
The potential deals are drawing attention not just from investors but also from regulators and politicians in Washington, where approval hurdles could stretch the process for a year or more.
Paramount Skydance may have an advantage due to its connections in the White House.
Larry Ellison, the world's second-richest person, could provide the cash needed to close the deal, while his son, Paramount CEO David Ellison, enjoys former President Donald Trump's favor.
"Larry Ellison is great, and his son, David, is great," Trump said in October, praising their support, Bloomberg reported.
Yet concerns over political favoritism have surfaced, with Democratic Senators Elizabeth Warren, Bernie Sanders, and Richard Blumenthal pointing to Paramount's $16 million donation to Trump's Presidential Library.
Comcast faces a different challenge. Trump has repeatedly criticized the Philadelphia-based cable giant over NBC's coverage, dubbing it "Concast," and has called out Chairman Brian Roberts.
While such remarks could influence perceptions, any opposition from regulators would need to be grounded in law rather than politics.
Warner Bros Discovery has received buyout bids from rivals Paramount Skydance, Comcast and Netflix, a source said. This has kicked off a potential sale of the century-old Hollywood studio. Read more: https://t.co/BLYreu1x6z pic.twitter.com/qhHacoFLeE
— Reuters Business (@ReutersBiz) November 21, 2025
Netflix Faces Hurdles in Warner Bros Bid
Netflix's bid brings its own hurdles. A Pentagon report last October criticized the streaming company for content in its series about a gay Marine, highlighting the political sensitivities Netflix could face.
Republican lawmakers have also warned that combining Netflix with Warner Bros could reduce consumer choice and push up prices for HBO Max content.
Antitrust scrutiny will be central to all bids. Paramount Skydance's combination with Warner Bros would merge major studios, streaming services, and news operations, controlling an estimated 32% of the US and Canadian box office.
According to Reuters, Comcast's offer could produce an even larger theatrical presence, with 43% of North America's box office revenue, while Netflix would mainly reshape the streaming market, adding Warner Bros' 128 million subscribers to its 300 million worldwide.
Experts note that streaming concentration is only part of the story. "Streaming is going to be front and center," said Harold Feld, senior vice president at advocacy group Public Knowledge.
Even combined, traditional studios remain far behind platforms like YouTube in total U.S. viewing.
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