Netflix, Comcast Reportedly Eye Warner Bros. Studio Acquisition Amid Strategic Sale Talks

Warner Bros. Discovery (WBD) is considering a potential sale or restructuring after receiving unsolicited interest from multiple parties, including Netflix and Comcast, who are particularly interested in acquiring the Warner Bros. studios and associated intellectual property. Netflix remains committed to a "build not buy" strategy but is open to deals that provide access to valuable content without acquiring cable networks or HBO Max, which they view as less essential. Paramount has also made bids but was rejected, while Warner Bros. Discovery aims to maximize leverage by inviting multiple offers. Financially, WBD faces challenges with declining revenue and profitability, and its Altman Z-Score indicates potential distress, adding urgency to its strategic decisions. The company plans to separate its global networks from its streaming and studios businesses by 2026, possibly creating two distinct entities. This potential sale or split could significantly reshape the media landscape, especially if Netflix or Comcast acquire parts of Warner Bros.' assets.