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.