The bidding fight for Warner Bros. Discovery (WBD) accelerated this week as Paramount Skydance, Comcast and Netflix submitted offers when the auction formally opened Thursday at noon, according to reporting on Nov. 22, 2025. Well-placed media executives say Paramount Skydance — backed by Larry Ellison and his son David Ellison — has an advantage because it appears willing to buy CNN along with the rest of WBD’s assets. Insiders say that willingness, combined with regulatory calculations and the Ellisons’ deep pockets, has positioned Paramount Skydance ahead of rivals despite WBD CEO David Zaslav’s $30-a-share target.
Key Takeaways
- Paramount Skydance (PSKY), Comcast and Netflix submitted bids when the WBD auction opened Thursday at noon, per reports on Nov. 22, 2025.
- Sources say PSKY is the only major bidder willing to acquire CNN as part of a whole-company purchase, a factor giving it an edge.
- Paramount Skydance’s owners, Larry and David Ellison, view CNN as a business still generating roughly $500 million in annual profits and salvageable via integration with CBS news operations.
- WBD CEO David Zaslav has publicly set a $30-per-share benchmark (about $70 billion) for a full sale; PSKY is reportedly prepared to pay closer to $27 per share.
- Legal and regulatory risk differs sharply: sources predict a faster approval path for the Ellisons versus protracted antitrust reviews for Comcast or Netflix, which could take up to two years.
- Comcast’s potential acquisition would fuse Universal Studios with Warner Bros., raising antitrust scrutiny; Netflix would combine the No.1 and No.3 streaming services, also drawing regulators’ attention.
- Political dynamics are entwined: President Trump has expressed a desire to curb CNN’s editorial posture, and some observers see his relationship with Larry Ellison as relevant to regulatory outcomes.
Background
Warner Bros. Discovery, which owns the top Hollywood studio, the No.3 streaming service and major cable properties including HBO and CNN, was put in play after David Zaslav signaled openness to a sale. Since reporting of an impending auction first surfaced in September 2025, Zaslav has said any acceptable bid should “start with a 3,” a reference to $30 per share and an approximate $70 billion valuation. That public target has framed negotiations and the expectations of both bidders and shareholders.
The pool of serious suitors quickly narrowed to three large buyers: Paramount Skydance — supported by billionaire Larry Ellison and his son David Ellison — Comcast, and Netflix. Each bidder brings distinct strategic motives: Comcast could fold WBD content into its Universal Studios ecosystem; Netflix would reinforce its streaming catalogue; and Paramount Skydance would combine WBD with CBS assets while potentially keeping CNN intact. The different appetites for CNN are now central to which bid might ultimately prevail.
Main Event
When the auction opened Thursday at noon, the three suitors submitted initial bids, according to people familiar with the process. Media executives close to the negotiations say Paramount Skydance’s willingness to include CNN in a full takeover sets it apart. Company insiders argue CNN remains globally valuable, with reporting desks in many countries and strong brand recognition in travel and hospitality settings.
Paramount Skydance’s interest in CNN is not framed solely as a political concession. Executives at PSKY told sources they believe CNN still produces roughly $500 million in annual profits and that efficiencies could be unlocked by combining its operations with CBS News and accelerating digital migration. Larry Ellison’s personal wealth — and the Ellisons’ existing programmatic investments — give them the capacity to make that transformation.
By contrast, Comcast and Netflix appear more focused on acquiring selected assets rather than the full WBD portfolio. That partial approach could create tax inefficiencies known as “tax leakage,” reducing proceeds to WBD shareholders and potentially keeping the overall sale price below Zaslav’s $30-per-share benchmark. Observers suggest a full-company sale to a buyer willing to take CNN intact may produce a simpler, faster outcome for WBD’s board.
Analysis & Implications
The Ellisons’ political profile and their relationship with prominent Republican donors create a regulatory dynamic that may be more favorable than for Comcast or Netflix. Several sources suggest that the Ellisons could clear regulatory hurdles in roughly six months, owing to perceived political alignment and the structure of their bid. This expectation is consequential: a faster approval timeline can increase the appeal of a lower bid because it reduces the time and risk of prolonged litigation or divestiture conditions.
Comcast faces a different set of obstacles. A transaction that consolidates Universal Studios and Warner Bros. would attract intense antitrust scrutiny because it combines two leading studio production and distribution platforms. Lawyers and executives interviewed by industry outlets anticipate a lengthy review that could stretch toward two years, with potential lawsuits and conditions that might depress the ultimate value of the deal to WBD shareholders.
Netflix’s bid also raises antitrust flags: merging the No.1 streaming service with WBD’s No.3 platform concentrates market share and content libraries in ways regulators scrutinize. Netflix’s leadership, associated with progressive causes, adds a political dimension that could make approval more contested in certain regulatory quarters. For WBD’s board, weighing a quicker, lower offer against a slower, higher one involves balancing immediate certainty against maximal value.
Comparison & Data
| Bidder | Target Scope | Reported Price Range | Regulatory Risk |
|---|---|---|---|
| Paramount Skydance (Ellisons) | Full WBD incl. CNN | ~$27/share reported interest | Lower — faster approval expected |
| Comcast (Brian Roberts) | Selected assets; potential studio merge | Chunked bids, not full buyout | High — antitrust scrutiny, ~2 years |
| Netflix (Reed Hastings, Ted Sarandos) | Streaming assets, selective acquisition | Chunked bids, not full buyout | High — market concentration concerns |
The table summarizes reported positions from market insiders. PSKY’s stated willingness to buy CNN with the rest of WBD is a differentiator that could shorten regulatory timelines; Comcast and Netflix are perceived as more likely to pursue partial deals that invite extended reviews and potential tax drag on proceeds.
Reactions & Quotes
“The Ellisons will likely receive expedited regulatory attention and an easier approval window than rivals,”
Telecom lawyer with government experience (summarized)
This comment reflects industry belief that political connections and bid structure can materially affect timeline and risk. The lawyer contrasted the expected six-month timeline for an Ellison-led deal with much longer probes for other buyers.
“There are stakeholders who want CNN ‘neutralized’ in its political coverage,”
Broadcast executive (summarized)
That viewpoint has been cited by multiple sources to explain why political considerations are part of bidders’ calculations, particularly given President Trump’s public grievances with CNN’s coverage.
“Zaslav wants offers that start with a 3,”
WBD CEO David Zaslav (reported comment)
Zaslav’s public benchmark for acceptable bids — $30 per share — remains the reference point for the board and shareholders as offers are evaluated.
Unconfirmed
- That the Ellisons will install Bari Weiss as CNN editorial overseer is reported by some sources but not confirmed by Paramount Skydance or CNN.
- Precise bid amounts and definitive timelines for regulatory approval remain fluid; reported $27-per-share interest for PSKY has not been publicly disclosed in a filing.
- Any direct assurances from President Trump about favoring a particular bidder or intervening in the regulatory process are reported by intermediaries and lack formal confirmation.
Bottom Line
The current reporting paints Paramount Skydance as the frontrunner largely because of its apparent willingness to acquire CNN and because observers expect a shorter regulatory path for an Ellison-led deal. That combination could allow WBD to reach a sale more quickly even if the per-share price is below CEO David Zaslav’s $30 benchmark.
However, the situation remains unsettled: Comcast and Netflix could revise their strategies or offer higher prices, and regulators retain broad discretion that can reshape outcomes. For investors and employees, the most important near-term variables will be the structure of the winning bid, the timeline for regulatory approval, and any conditions attached to a sale.
Sources
- New York Post (news report) — reporting on bids, insiders and political context