Comcast Proposes NBCUniversal-Warner Bros. Merger in $108B Bidding War
Comcast submitted a bid on Nov.20 to merge its NBCUniversal arm with Warner Bros. Discovery, alongside Netflix and Paramount’s offers. Rival Netflix raised its all-cash proposal to $82.7 billion and Paramount countered with a $108 billion hostile bid, while Warner Bros. Discovery’s board has favored Netflix’s offer.
1. Comcast Bid Details
On Nov. 20, Comcast submitted a first-round offer to acquire Warner Bros. Discovery, proposing to integrate HBO and Warner Bros. assets with its NBCUniversal division. The proposal outlined strategic media consolidation but did not match the cash-heavy terms of rival bids.
2. Rival Escalations
Netflix switched to an all-cash offer of $82.7 billion on Jan. 20 without increasing its per-share price, while Paramount Skydance launched a $108 billion hostile bid that included a $7 billion regulatory termination fee and a $2.8 billion payment to Netflix to exit its merger agreement.
3. Board’s Preference
Warner Bros. Discovery’s board has repeatedly rejected Paramount’s proposals as inferior and execution-risky, signaling support for Netflix’s cash bid. With the board favoring Netflix, Comcast’s merger plan remains unaddressed amid the escalating bidding war.