Warner Bros. โฃFinding Eyes Christmas โฃTimeline for Sale or Split, Leaving Paramount’s Future in Doubt
NEW YORK – November 1, 2025 – Warner Bros. Discovery (WBD) is โreportedly targeting Christmas as a timeframeโข to announce plans for a potential sale or strategic split, according to sources familiar with the matter. This growth throwsโข Paramount Global further into uncertaintyโ as it navigatesโ its own potential sale scenarios.
The move by WBD comes amidst ongoing speculation about its future and potential interest from multiple mediaโ giants, including Comcast, Paramount, and Netflix. While โthe ultimate outcome remains unclear, โขWBD shareholders are weighing the prospects ofโฃ the company as โขa whole versus the potential value ofโฃ its individual โassets.
analysts have suggested Comcast could explore structuring a deal involving a spin-off of NBCUniversal, merging it with WBD’s studioโ and streaming assets. However, the success of any such transaction hinges on convincing WBD shareholders that โคaโฃ sale of the entire company isn’t a more favorableโข option.
The โsituation is complicated by the political landscape and potential regulatory hurdles.Paramount, backed by David Ellison, believes its deal for the โentirety of Warner Bros. Discovery is well-positioned for approval, notably โขgivenโ recent positive comments from former President โขDonald Trump regarding Ellison andโค his father, Larry Ellison, who could contribute billions to finance the deal. Trump stated of David Ellison during a โค”60 Minutes” interview last week, “I think you have a great, new leaderโฆI think โone of the best things โto happen is this โshow and new โownership, CBS โคand new ownership. I think it’s โthe greatest thing that’s happened in โa long time to a free andโฃ open and good press.”
In contrast, Trump has repeatedly criticized Comcast CEO Brian Roberts, publicly labeling him a “lowlife” โandโข a “slimeball.”
Despite potential buyer interest, the future โofโ WBD’s individual components remains uncertain. Discovery Global’s โฃlinear โคcable networks -โ TNT,โ 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 โคa meaningful premium in a sale, theโฃ price would need to be compellingโ enough โขforโ WBD shareholders.
A special meeting to potentially challenge aโ hostile bidโ requires just 20% of Warner Bros.Discovery โฃshareholdersโ who have โheld the stock โคfor at least a year, according โขto a company filing. Thes โlong-term shareholders may favor theโ current managementโ and board’s directionโฃ for the company.
Paramount’s โposition remains precarious as โit awaits clarity on WBD’sโข plans. The company is currently navigating its own potential sale process, with โEllison โemergingโ as a key player.
Disclosure: Comcast is the parent company of NBCUniversal, which ownsโ CNBC. versant would becomeโ the new parent company of CNBC โขupon Comcast’s planned โspinoff of Versant.
