Tech giants Netflix, Amazon, and Apple are reportedly exploring opportunities to acquire Warner Bros. Discovery, either in its entirety or through selective purchases of its content libraries and production assets, according to Bloomberg. The interest from these streaming and tech powerhouses underscores the growing value of premium entertainment content in a competitive media landscape.
Warner Bros. Discovery recently confirmed that it is conducting a “review of strategic alternatives” to maximize shareholder value, following unsolicited inquiries from multiple potential buyers. These inquiries include interest in both the company as a whole and specific divisions, such as Warner Bros.’ film studio or its streaming and cable networks. In addition to Netflix, Amazon, and Apple, companies like Paramount and Comcast have also reportedly expressed interest. To move forward, Warner Bros. Discovery is preparing nondisclosure agreements to share financial data with serious bidders.
Insiders told Bloomberg that Warner Bros. Discovery has already turned down three offers from Paramount, including one valued at up to $24 per share. Paramount recently completed its merger with Skydance Media, a complex deal that illustrates the challenges of large-scale media acquisitions. This history suggests that selling Warner Bros. Discovery as a single entity could be difficult, making partial acquisitions of content libraries or production units a likely consideration.
Warner Bros. Discovery owns an impressive portfolio of entertainment properties, including HBO, CNN, DC Studios, and its iconic Warner Bros. film studio. Any potential acquisition would give the buyer access to some of the most recognizable brands and franchises in the media industry. The company has also announced plans to split its cable TV and streaming operations next year, which could make certain divisions more attractive or easier to acquire for interested buyers.
The reported interest from tech and streaming giants reflects a broader trend in the media landscape, where content is increasingly seen as a key competitive advantage. Streaming services and tech companies are racing to secure high-quality intellectual property that can draw subscribers, generate revenue, and strengthen their position in an increasingly crowded market. Acquiring Warner Bros. Discovery—whether fully or partially—would provide access to decades of valuable content, from blockbuster films and popular TV series to news and animation assets.
While a full acquisition may be challenging, the inquiries signal the strategic importance of Warner Bros. Discovery in the evolving entertainment ecosystem. As the review process continues, industry observers will be watching closely to see whether the company opts for a full sale, partial asset sales, or a combination of both to maximize shareholder value.