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Three key players reportedly bid for Warner Bros. Discovery business

Warner Bros. Discovery has entered formal takeover discussions, drawing interest from several of the world’s leading entertainment companies. Paramount, Comcast and Netflix are among those reported to be considering bids, each with different ambitions for the studio and its streaming service.

Paramount is understood to be exploring a full acquisition, while Comcast and Netflix are thought to be more narrowly focused on Warner Bros.’ film and television assets, as well as its streaming platform. The scale of the potential deal would make it one of the largest transactions in the global media sector, with valuations running into tens of billions of dollars.

The process is expected to conclude in 2025, with Warner Bros. Discovery aiming to secure a buyer before the end of the year. A successful agreement would not only reshape the company’s future but could also significantly alter the competitive landscape of international entertainment, consolidating power among a handful of dominant players.