Saudi PIF Emerges as Surprise Frontrunner in $57B Warner Bros. Discovery Takeover Battle

Warner Bros. Discovery (WBD) could change hands and see a new CEO before Christmas 2025.

The company is at the centre of a high-stakes bidding war involving Comcast, Netflix, Paramount-Skydance, and now, potentially, the Saudi Public Investment Fund (PIF). The latest reports suggest the PIF may be the surprise frontrunner in the $57 billion global media and entertainment takeover.

On 14 November 2025, WBD's share price surged 4% to $23.03 following news of the potential sale, highlighting investor optimism amid the bidding frenzy.

Split Plans on Hold Amid Sale Speculation

Earlier this year, WBD announced plans to split its operations in 2026, separating CNN as a global news network and HBO Max as a streaming and film studio platform. CEO David Zaslav believed this was the best path forward, aiming to unlock value and streamline operations.

However, by October, those plans were put on hold. The company disclosed it had received overtures from interested buyers, prompting a strategic review. Zaslav commented, 'It's no surprise that the significant value of our portfolio is receiving increased recognition by others in the market.'

While the offers received are unsolicited, the WBD Board has approved exploring strategic options. No timeline has been set for concluding this process.

Financial Performance and Business Segments

In Q3 2025, WBD's revenues declined 6% year-over-year to $9 billion. The company posted a net loss of $148 million, compared with a $135 million profit in the same quarter last year.

Despite the challenges, WBD's Studios segment enjoyed a record year, with revenues jumping 24% to $3.3 billion, driven by blockbuster releases and creative momentum. Streaming services saw global subscribers rise 16% to 128 million.

The company also aims to bolster its global linear networks, including CNN and TNT Sports, as part of its broader strategic growth.

Contenders in the Bidding War

Paramount-Skydance was the first to submit an offer, estimated in the range of $22 to $24 per share, with the final deal likely to be 70-80% cash. WBD reportedly found this bid too low, though Paramount-Skydance remains in the running. The Writers' Guild of America has voiced opposition to this merger.

Netflix plans to submit an initial bid on 20 November but faces regulatory hurdles. US Congressman Darrell Issa has raised concerns about antitrust issues if WBD and Netflix consolidate, especially given the value of franchises like Harry Potter and DC Comics.

Meanwhile, Comcast is also interested but may require a major partner to compete effectively. CEO Brian Roberts reportedly travelled to Saudi Arabia, possibly to explore partnerships. Industry sources suggest the Saudi PIF is keen on WBD, and a potential partnership with Comcast is being considered.

The bids are expected to be submitted by 20 November, with the possibility that if Paramount-Skydance's offer remains low, the price could rise close to $30 per share. If none of the bidders succeed, WBD is likely to proceed with its planned separation of CNN and HBO Max.

The ongoing bidding war for Warner Bros. Discovery signals a pivotal moment for the entertainment giant. With the Saudi PIF emerging as a potential surprise frontrunner and multiple suitors vying for control, the outcome could reshape the media landscape. Investors and industry insiders alike await the final bids, expected before Christmas 2025.

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