A Century of IP That Still Dominates Hollywood
With more than 100 years of blockbuster film and television history, Warner Bros. Discovery has become the most sought-after asset in entertainment. Heavyweights Paramount-Skydance, Comcast, and Netflix are all vying for pieces of the company, each with different strategic aims.
Warner Bros. Discovery began formally exploring offers after receiving a bid from Paramount in September. The company had already announced plans to split itself into two entities, mirroring moves at Comcast to separate legacy cable networks from film, streaming, and studio assets.
The appeal is obvious: WBD controls globally known franchises including DC, Harry Potter, Lord of the Rings, Game of Thrones, Looney Tunes, and Scooby-Doo, along with distribution rights for Legendary’s Dune and the Godzilla–Kong universe.
What Comcast Could Gain
Comcast is spinning off its cable networks but keeping NBC, Peacock, Universal Studios, and its theme parks. For that reason, Comcast’s bid excludes WBD’s cable portfolio. Instead, the company is focused squarely on Warner Bros. Discovery’s rich library and studio properties — assets that could immediately strengthen Peacock.
Peacock, with 41 million subscribers, trails its major competitors and needs premium IP to compete. High-demand series such as The Last of Us, IT: Welcome to Derry, and multiple Game of Thrones spinoffs would instantly raise the platform’s profile.
For Universal’s theme parks, acquiring franchises like DC and Harry Potter would expand lucrative merchandising and attraction opportunities. NBCUniversal already licenses Wizarding World rights for its parks; owning production rights would give Comcast full creative control — a strategy modeled by Disney’s vertically integrated theme park empire.
How Netflix Would Use WBD’s Assets
Netflix’s bid surprised industry observers, but it remains a serious contender offering mostly cash. The streaming giant wants only the studio and streaming divisions, not the cable networks.
Netflix, which didn’t enter original content until 2012 and launched merchandising only in 2019, still lacks the deep franchise bench enjoyed by legacy studios. Adding WBD’s IP would fast-track its franchise ambitions, complementing hits like Stranger Things, KPop Demon Hunters, Wednesday, and Bridgerton.
The bigger concern is theatrical strategy. Netflix has historically avoided wide theatrical releases, limiting films to short runs for awards eligibility. Industry analysts fear this approach could undermine Warner Bros.’ long-standing theatrical culture. Netflix has told WBD it would honor existing theatrical obligations, but skepticism remains.
Paramount-Skydance Wants the Whole Company
Paramount, now merged with Skydance, appears the most aggressive bidder. CEO David Ellison has set an ambitious plan to reboot Paramount through investment in tech, new content, and major acquisitions.
Unlike Comcast and Netflix, Paramount wants all WBD assets — including cable networks. Adding CNN, TNT, TBS, and TruTV would instantly elevate Paramount’s footprint in news and live sports, which are increasingly valuable as streaming competition intensifies.
WBD’s sports rights — including the NHL, MLB, NCAA March Madness, French Open, and NASCAR — would give Paramount a far sturdier sports portfolio at a time when top-tier rights rarely come onto the market.
On the studio side, WBD’s pipeline would help Paramount meet its target of releasing at least 15 films annually by 2026, up from the pre-merger count of eight. But analysts caution that mergers typically lead to fewer overall releases.
The Bottom Line
Warner Bros. Discovery is the last major independent studio with a vault of globally recognizable franchises. Whether the buyer is Comcast, Netflix, or Paramount-Skydance, the acquisition would reshape Hollywood’s competitive landscape — from streaming wars to theme parks to theatrical calendars.