Warner Bros. Finding Eyes Christmas Timeline for Sale or Split, Leaving Paramount’s Future in Doubt
NEW YORK – November 1, 2025 – Warner Bros. Discovery (WBD) is reportedly targeting Christmas as a timeframe to announce plans for a potential sale or strategic split, according to sources familiar with the matter. This growth throws Paramount Global further into uncertainty as it navigates its own potential sale scenarios.
The move by WBD comes amidst ongoing speculation about its future and potential interest from multiple media giants, including Comcast, Paramount, and Netflix. While the ultimate outcome remains unclear, WBD shareholders are weighing the prospects of the company as a whole versus the potential value of its individual assets.
analysts have suggested Comcast could explore structuring a deal involving a spin-off of NBCUniversal, merging it with WBD’s studio and streaming assets. However, the success of any such transaction hinges on convincing WBD shareholders that a sale of the entire company isn’t a more favorable option.
The situation is complicated by the political landscape and potential regulatory hurdles.Paramount, backed by David Ellison, believes its deal for the entirety of Warner Bros. Discovery is well-positioned for approval, notably given recent positive comments from former President Donald Trump regarding Ellison and his father, Larry Ellison, who could contribute billions to finance the deal. Trump stated of David Ellison during a ”60 Minutes” interview last week, “I think you have a great, new leader…I think one of the best things to happen is this show and new ownership, CBS and new ownership. I think it’s the greatest thing that’s happened in a long time to a free and open and good press.”
In contrast, Trump has repeatedly criticized Comcast CEO Brian Roberts, publicly labeling him a “lowlife” and a “slimeball.”
Despite potential buyer interest, the future of WBD’s individual components remains uncertain. Discovery Global’s linear cable networks - TNT, TBS, and CNN – are facing declining advertising revenue and a continuing drop in cable subscriptions. While Warner Bros.’s HBO Max and movie studio could command a meaningful premium in a sale, the price would need to be compelling enough for WBD shareholders.
A special meeting to potentially challenge a hostile bid requires just 20% of Warner Bros.Discovery shareholders who have held the stock for at least a year, according to a company filing. Thes long-term shareholders may favor the current management and board’s direction for the company.
Paramount’s position remains precarious as it awaits clarity on WBD’s plans. The company is currently navigating its own potential sale process, with Ellison emerging as a key player.
Disclosure: Comcast is the parent company of NBCUniversal, which owns CNBC. versant would become the new parent company of CNBC upon Comcast’s planned spinoff of Versant.
