The future of Warner Bros Discovery remains uncertain, with viewers facing a big shakeup of streaming services and sports rights whoever wins in their bid to take over all or part of WBD.
- TNT Sports and Sky Sports could end up combined if Comcast wins.
- A Paramount win brings WBD together with free-to-air channel 5.
- A Netflix win could spell the end of HBO Max before it’s even launched in the UK.
Paramount Skydance, Comcast and Netflix have formally entered the race to acquire all or part of Warner Bros Discovery (WBD).
After months of speculation, WBD set a deadline of yesterday (Thursday 20 November) for initial bids, with further rounds of bidding now expected.
Early offers are reportedly below the company’s valuation, though WBD has declined to comment.
Any potential takeover would carry significant consequences for the UK broadcasting landscape, placing heavy demands on regulators and competition authorities.
Paramount Skydance
Barely months after merging to form Paramount Skydance, the company is already eyeing a bold move: taking control of Warner Bros Discovery (WBD).
In the UK, such a deal would bring Channel 5, TNT Sports, CNN, Comedy Central, MTV, Nickelodeon, Quest and TLC under one roof. It could even pave the way for HBO Max and Paramount+ to merge.
For TNT Sports, the recent loss of UEFA men’s Champions League rights might suddenly matter less.
Likelihood? Paramount’s opening bid is said to fall short of WBD’s expectations. Yet with the backing of Oracle founder Larry Ellison, the company has deep pockets. The bigger question is whether staff can stomach another upheaval. Both Paramount and WBD have only just emerged from major restructures, and there’s a risk that boardroom wrangling could overshadow the business of making content audiences actually want.
In the UK, a combined Paramount-WBD would pose a serious challenge to Sky, owned by Comcast.
Comcast
Comcast is already in talks to buy ITV’s linear TV channels, including ITVX. That deal alone would invite heavy regulatory scrutiny. Add a possible takeover of WBD, and watchdogs could be tied up for years.
In the UK and Ireland, a Comcast-WBD tie-up would unite Sky Sports and TNT Sports, creating a powerhouse of premium sport. TNT’s loss of Europa League rights would barely register, and Sky could cement its dominance as the go-to destination for fans. Viewers weary of juggling multiple subscriptions might welcome the consolidation, though it’s unlikely to come cheap. The combined company could also struggle to hang on to every broadcast right, with competition authorities likely to intervene.
Likelihood? From a US perspective, the deal makes strategic sense. In Europe, it would help safeguard Sky’s leading position. But in the UK, especially if Comcast also snaps up ITV, regulators may balk at one company becoming too dominant across free TV, pay TV and streaming. Forced sell-offs could follow.
Netflix
Netflix is the wildcard in the race. Unlike Paramount or Comcast, it doesn’t own traditional broadcast channels or sports networks.
It’s interested in acquiring the studios and streaming part of WBD. The remainder of the business, would be split off. (WBD is already in the process of splitting into two.)
Netflix would instantly give it a vast library of content, including HBO dramas and a foothold in live sport via TNT Sports UK.
For UK audiences, that could mean Netflix evolving from a pure streaming service into a multi-platform giant, with the ability to bundle entertainment, factual programming and sport. It would be a dramatic shift in the company’s identity.
It could also make HBO Max, due to launch here in 2026, a short-lived service.
Likelihood? Netflix has the will to make it happen, but whether it can stump up the money needed remains to be seen. It would be the first major takeover for Netflix, which has up to now stayed clear of various mergers and acquisitions taking place in the media industry.
Status Quo
And if none of the bidders succeed?
WBD is set to complete its split in mid-2026. The two companies created by the split would remain takeover targets.
As part of the split, Warner Bros takes on WBD’s film studio and streaming business, which also includes TNT Sports in the UK (but not in the USA).
Discovery Global takes on news, factual and reality brands like CNN, Discovery, Quest and TLC, plus Discovery+. The company would become the ultimate owner of WBD’s revamped UK free-to-air channel portfolio.
By: Marc Thornham | Image: The image is AI-generated.