Warner Bros. Discovery Bidding War: Paramount, Comcast and Netflix Submit First-Round Offers – All the Warner Bros. News on November 21, 2025

On November 21, 2025, Warner Bros. and its parent Warner Bros. Discovery (WBD) sit at the center of what could become the biggest reshuffle Hollywood has seen in decades. First‑round bids for the company are in, Netflix is promising to keep Warner Bros. films in theaters, HBO’s Casey Bloys is mapping out the future of Max and Harry Potter, Discovery is dropping a hard‑hitting true‑crime docu‑series in India, a beloved Warner Bros. Television executive has died, and the studio has filed a new Harry Potter–related lawsuit in Turkey.

Here’s a detailed look at every major Warner Bros.–related development dated November 21, 2025, plus the essential background to understand what’s at stake.

Historic Warner Bros. Discovery Auction Reaches Its First Big Milestone

Warner Bros. Discovery has officially received preliminary buyout bids from three rivals: Paramount Skydance, Comcast and Netflix. The offers, submitted by a November 20 deadline, mark the first concrete step in a potential sale or breakup of the company that owns Warner Bros. Pictures, HBO and HBO Max, DC Studios, CNN, Discovery and more. ^[1]

Key points from today’s coverage:

Three confirmed bidders. Variety and Reuters report that WBD has received non‑binding first‑round bids from Paramount Skydance, Comcast and Netflix. ^[2]
Paramount wants everything. Paramount Skydance is seeking to acquire the entire Warner Bros. Discovery group, including its cable networks, in what would be a roughly $60–74 billion–range deal depending on the final per‑share price. ^[3]
Comcast and Netflix want the “crown jewels,” not the cables. Both are understood to be bidding for Warner Bros.’ studio and streaming operations (HBO/HBO Max and the Burbank studio) but not the lower‑growth linear cable networks. ^[4]
Board review now underway. WBD’s board plans to review the bids before the U.S. Thanksgiving holiday and decide on a path forward before the end of 2025 — which could mean a full sale, partial asset sales, or continuing with the existing plan to split into two companies: Warner Bros. (studios/streaming) and Discovery Global (cable networks). ^[5]

This first‑round stage doesn’t guarantee a sale, but it locks in a short list of serious contenders and sets up what analysts are already calling a once‑in‑a‑generation shake‑up of Hollywood’s studio and streaming landscape. ^[6]

What Each Bidder Wants from Warner Bros.

Although many outlets are relying on anonymous insiders and prior deal chatter, a rough picture of each bidder’s strategy is emerging:

Paramount Skydance: The “All-In” Buyer

Paramount’s latest offer, previously reported at around $23.50 per share and mostly in cash, was rejected as too low. WBD’s board is now said to be pushing for closer to $30 per share, valuing the company around $74 billion. ^[7]
Paramount wants to keep WBD whole, combining Warner Bros.’ film library, HBO, CNN and DC Studios with Paramount’s own studio assets and Paramount+. This could give the merged company roughly a third of the North American theatrical box office, according to estimates cited in Reuters and other analyst commentary. ^[8]

Comcast (NBCUniversal): Studios + HBO, Not the Cables

Comcast’s interest reportedly focuses on Warner Bros. film and TV studios plus HBO, which would bolster its own Universal film library, Peacock streaming service and theme‑park IP pipeline. ^[9]
Regulatory scrutiny would be intense, especially with Comcast already owning a major broadcast network and a large cable footprint.

Netflix: A Library, a Brand and a Theatrical Pivot

Netflix is aiming at Warner Bros.’ studio and streaming assets, motivated by the chance to own long‑term franchises such as Harry Potter, The Lord of the Rings, DC superheroes and the broader Warner Bros. film library. ^[10]
The streamer is trying to distinguish its bid by promising to keep Warner Bros. movies in theaters — a significant shift from its historically streaming‑first distribution model. ^[11]

Netflix Promises to Keep Warner Bros. Movies in Theaters

One of today’s biggest headlines for moviegoers: Netflix has told Warner Bros. Discovery it will preserve theatrical windows for the studio’s films if its bid for the company’s studio and streaming assets succeeds. ^[12]

According to Variety and Bloomberg‑sourced reporting:

Netflix has assured WBD executives it will honor existing theatrical commitments and continue releasing Warner Bros. films in cinemas before streaming them. ^[13]
The pledge is meant to calm fears among filmmakers, talent agencies and theater owners that a Netflix takeover would push key titles straight to streaming.
Warner Bros. Discovery has been positioning its future around 12–14 theatrical releases a year across Warner Bros. Pictures, DC Studios, New Line and Warner Bros. Animation, anchored by tentpoles such as Batman, Superman, Wonder Woman and The Lord of the Rings. ^[14]

For cinema chains and fans worried that a tech giant might sideline theatrical releases, Netflix’s stance is a notable — and very public — concession to the value of big‑screen debuts.

HBO’s Casey Bloys: “Focus on the Work” Amid the Sale Drama

While bankers debate valuation models, HBO and HBO Max chief Casey Bloys spent Thursday hosting a press preview event at WBD’s Hudson Yards offices in New York, showcasing the premium network’s upcoming slate. The event happened to land on the same day WBD’s board was expecting to receive first‑round bids — and Bloys had to address the elephant in the room. ^[15]

Highlights from his comments, reported today by Variety:

Bloys told staff and journalists that worrying about who might end up owning WBD is “a waste of energy”, stressing that the only productive response is to keep making standout programming and let the drawn‑out M&A process play out in the background. ^[16]
He noted that even if a deal is agreed, regulatory review and closing could take a year or more, meaning day‑to‑day operations — and viewers — shouldn’t feel immediate disruption. ^[17]

‘Harry Potter’ TV Series: Filming Season 1, Writing Season 2

Bloys also gave a fresh status update on the much‑watched Harry Potter TV series:

Season 1 is currently filming in the U.K., while writers are already at work on Season 2 scripts, with the goal of minimizing the gap between seasons. ^[18]
Because of the show’s heavy visual‑effects demands and child cast, Bloys acknowledged there will still be a break between shoots, but the aim is to avoid “massive gaps” for both the young actors and the audience.

Defining Max Originals: ‘The Pitt’ as the Template

Bloys used the event to crystallize what a “Max original” is supposed to be in the new WBD era:

Max originals will skew toward “cost‑efficient yet elevated” series with more episodes per season, designed to run annually and fill out a 52‑weeks‑of‑new‑programming strategy around the more expensive HBO tentpoles.
Emmy‑winning drama The Pitt — which turned 15 weeks of serialized viewing into a breakout hit — is the model. Bloys said HBO is now piloting follow‑ups like American Blue (a police drama) and How to Survive Without Me(a family drama from Greg Berlanti) under this approach.

Taken together, Bloys’ remarks are a clear signal that creative leadership is trying to project stability, even as the ownership question looms.

DC Universe Update: ‘Lanterns’ Delayed to Late Summer 2026

For DC fans, today brought a separate — if more familiar — kind of news: a release delay.

Several entertainment and tech outlets report that HBO’s high‑profile Lanterns series, part of DC Studios’ new DCU slate, has shifted from an “early 2026” window to late summer 2026.

From today’s coverage:

Casey Bloys is cited as confirming that Lanterns will now debut by the end of summer 2026, rather than in the first few months of the year.
The series is described as a detective‑style “buddy cop” show centered on Green Lanterns Hal Jordan and John Stewart, played by Kyle Chandler and Aaron Pierre, with Nathan Fillion’s Guy Gardner expected to appear following his introduction in Superman (2025).
Production reportedly began in early 2025, with an eight‑episode first season planned.

The delay forces DC Studios to reshuffle its 2026 content cadence: current reporting suggests Supergirl (June 26, 2026)and horror title Clayface (September 11, 2026) will hit theaters before Lanterns arrives, clustering several DCU projects into a relatively tight window.

Warner Bros. Discovery Expands Global Unscripted Slate with Singapore Partnership

Away from the takeover headlines, Warner Bros. Discovery is still doing everyday business — including growing its international unscripted footprint.

Today, WBD and Singapore’s Infocomm Media Development Authority (IMDA) announced a new partnership to co‑develop original, globally marketable unscripted formats.

Key details:

The collaboration launches at the Asia TV Forum & Market (ATF), part of the Singapore Media Festival 2025, with a masterclass series on December 3–4 led by WBD executives from its global and APAC networks and Warner Bros. International Television Production.
After the masterclasses, Singapore‑based production companies will be invited to submit unscripted format ideas. Shortlisted projects move into a boot camp in early 2026, with potential co‑production and premiere opportunities on WBD’s international networks from 2027 onward.
Selected formats may also be folded into WBITVP’s global sales portfolio, giving successful concepts a path to international adaptation.

The deal underscores WBD’s continuing bet on unscripted hits — from Deadliest Catch to First Dates — as durable, locally adaptable formats that support its global channels and streaming services.

True Crime Spotlight: ‘Nithari: Truth, Lies & Murder’ Premieres on Discovery+

In India, Warner Bros. Discovery is marking today with the debut of a new, deeply reported true‑crime docu‑series: Nithari: Truth, Lies & Murder.

The three‑hour series, produced with Trinetra and available on Discovery+, revisits the infamous Nithari killings of 2005–06 — a string of child disappearances and murders from a Noida neighborhood that horrified the country.

What today’s coverage reveals:

The series premieres just as India’s Supreme Court has overturned the final remaining conviction against Surinder Koli, one of the two men once sentenced to death in the case, giving the story new urgency.
Nithari: Truth, Lies & Murder uses previously unseen police diaries, confession tapes and archival footage, plus new interviews with investigators, journalists, forensic experts and victims’ families.
For the first time, the documentary features an extended on‑camera account from Moninder Singh Pandher, the case’s other central accused, challenging some long‑held public assumptions about what happened.
WBD factual executive Sai Abishek describes the project as an effort to revisit an “unsettling, complex” case with fresh evidence, focusing on systemic failures rather than sensationalism.

For Warner Bros. Discovery, the docu‑series is both a high‑profile local commission and an example of the kind of true‑crime storytelling that can travel globally via its streaming platforms.

Warner Bros. Television Mourns Veteran Publicity Executive Robert Pietranton

In more somber news, Warner Bros. Television is grieving the loss of Robert Pietranton, a widely respected publicity executive who has died at the age of 56.

According to today’s obituary coverage:

Pietranton spent more than two decades at Warner Bros. Television, ultimately becoming Senior Vice President of publicity and communications in 2021.
His career spanned key roles at NBC during its “Must‑See TV” era, followed by DreamWorks Television and Sony Pictures Television, before he settled at Warner Bros.
He worked on publicity campaigns for hundreds of series, including ER, The West Wing, The Big Bang Theory, Ted Lasso, the Arrowverse shows, Abbott Elementary and WBD breakout drama The Pitt.
Warner Bros. Television Group chair Channing Dungey remembered him as the “heart and soul” of the publicity division, praising his leadership, mentorship and warmth.

Pietranton is survived by his brother and nephews; a celebration of his life will be announced later. His passing is a significant loss inside Warner Bros., particularly at a time when the company is already navigating seismic change.

Warner Bros. Sues Turkish Footballer Over Harry Potter IP

On the legal front, Warner Bros. Entertainment Inc. has filed a lawsuit in Turkey against national team footballer Kerem Aktürkoğlu, accusing him of unauthorized use of Harry Potter imagery and music on social media.

According to Ukrainian National News, citing Turkish outlet Habertürk:

Warner Bros. alleges that Aktürkoğlu used visual and audio elements from the Harry Potter film series (2001–2011) — including the iconic “Hedwig’s Theme” — in videos posted to his social channels without permission.
The studio has petitioned the Istanbul Intellectual and Industrial Property Court for an online evidence‑gathering order, attaching the player’s posts to its filing.
Warner Bros. is requesting expert analysis to determine whether the clips reproduce protected music, characters, logos or other imagery from the Harry Potter universe in ways that infringe its copyright and trademark rights.

The case is a reminder that, even as corporate ownership hangs in the balance, Warner Bros. continues to aggressively police the use of its most valuable IP worldwide.

So… What Does All of This Mean for Warner Bros. Fans Right Now?

Putting today’s disparate stories together, a few themes emerge:

The sale process is real — and accelerating. First‑round bids are in, the board is actively reviewing them, and both Paramount and big tech–adjacent players are circling. But nothing is decided, and any deal would take many months to close.
Regardless of who wins, the Warner Bros. brand is being positioned as a theatrical‑plus‑streaming powerhouse. Netflix is explicitly promising theaters, Paramount is pitching a scaled “media powerhouse,” and Comcast is eyeing the studio and HBO as crown‑jewel content engines.
Day‑to‑day, the creative pipeline is still moving. HBO is shooting Harry Potter, expanding its Max originals strategy, and adjusting DCU plans like Lanterns; Discovery is launching new docu‑series; and WBD is signing new international partnerships in Singapore and beyond.
Long‑time Warner Bros. people still matter. The tributes to Robert Pietranton are a reminder that behind the logos and deal headlines is a deep bench of executives and creatives who’ve shaped decades of TV and film.

For now, viewers will continue to see the Warner Bros. shield in front of movies, Max originals dropping weekly, and Discovery‑branded docu‑series hitting streaming platforms. The corporate “who owns what” story is still in chapter one — but as of November 21, 2025, the bidding war for Warner Bros. Discovery is very much on.

Netflix Reportedly Weighing Bid for Warner Bros. Discovery