Comcast is officially in the room. The company has retained Goldman Sachs and Morgan Stanley and gained access to Warner Bros. Discovery’s financial data room, signaling serious interest in acquiring its studio and streaming businesses.
While Comcast has publicly downplayed its appetite for major M&A, its actions speak louder than its earnings call commentary. President Mike Cavanagh may insist the bar for deals remains “very high,” but he also made clear the company will consider assets “complementary to our existing business.” WBD’s robust IP portfolio and HBO Max’s streaming scale check that box.
So far, Paramount’s three offers for the entire company have been rejected. Netflix is reportedly working with Moelis & Co., the same investment bank that helped Skydance land Paramount, to scope a potential bid for WBD’s studio and streaming operations. Comcast is now formally joining the fray.
The move is especially notable given Comcast’s recent spin-off of its cable networks into Versant, potentially clearing a path for a tighter focus on IP and direct-to-consumer. It is also a bet that regulatory risk under a potential second Trump term may not be as daunting as the media narrative suggests. Cavanagh’s comments point to more confidence than caution: “More things are viable than maybe some of the public commentary that’s out there.”
Meanwhile, Warner Bros. Discovery has stayed quiet. On the Q3 earnings call, David Zaslav sidestepped sale chatter, instead spotlighting the strength of the studio and projecting 150 million subscribers for Max by year-end. But between access granted to data rooms and a growing list of interested bidders, the message is clear. WBD’s most valuable assets are officially in play.
