Warner Bros. Discovery, Inc. (NASDAQ: WBD) is back in the market’s spotlight today as its stock pushes higher on fresh takeover headlines and a looming bid deadline that could redefine Hollywood’s power map.
The media giant has told potential buyers to come back with improved offers by Monday, December 1, after receiving first‑round bids from Paramount Skydance, Comcast and Netflix, according to multiple reports citing people familiar with the process. [1]
Below is a full breakdown of how WBD stock is trading today, what changed in the sale process on November 26, and what investors should watch next.
WBD stock today: price, range and recent performance
As of this afternoon’s U.S. session, Warner Bros. Discovery shares are trading around $23.62, up roughly 2.9% on the day. The stock has moved between about $23.00 and $23.82 in today’s trading.
Key trading metrics:
- Ticker: WBD (NASDAQ)
- Latest price: ≈ $23.62
- Daily change: about +$0.66 (+2.9%)
- Today’s intraday range: roughly $23.00 – $23.82
- 52‑week range: approximately $7.52 – $24.19, putting today’s price near the top of its one‑year band. [2]
From its 52‑week low near $7.50, WBD has more than tripled, reflecting how dramatically sentiment has shifted since the company outlined a breakup plan and then attracted suitors this year. [3]
MarketBeat data cited in a fresh analysis shows WBD shares are up about 8% over the last 30 days, even as many other stocks struggled, underlining how takeover speculation has become the main driver of the stock. [4]
What changed today: a hard deadline for higher bids
Second‑round offers due December 1
The biggest news for Warner Bros. Discovery on November 26, 2025 is that the company has moved its sale process into a more intense second phase:
- WBD has asked Paramount Skydance, Comcast and Netflix to submit sweetened second‑round bids by Monday, December 1. [5]
- Once those offers come in, the company may choose to enter exclusive negotiations with a single bidder, according to multiple reports based on briefings from people familiar with the talks. [6]
Variety, Front Office Sports, Barrett Media and FlickDirect all reported today that the three interested groups submitted non‑binding first‑round bids on November 20 and are now being pushed to raise their numbers. [7]
Board wants more than earlier Paramount offer
Today’s tightening of the timeline builds on earlier reporting that WBD’s board previously rejected a $23.50 per share cash‑heavy bid from Paramount Skydance and is pushing for something closer to $30 per share. [8]
At $30 per share, Warner Bros. Discovery would be valued at roughly $74 billion, about 27% above where the stock is trading today. [9]
Reuters has also noted that WBD shares have jumped more than 80% since word of Paramount’s interest first leaked in September, underscoring how much takeover optimism is already baked into the price. [10]
Sale vs. spin‑off: the board’s two main options
Today’s coverage from Variety, Barrett Media and FlickDirect all emphasises that WBD is effectively running two parallel strategic options: [11]
- Sell the whole company or key pieces
- Paramount Skydance is said to be pursuing an acquisition of all of Warner Bros. Discovery, including its cable TV networks such as CNN and TNT Sports. [12]
- Comcast and Netflix are reportedly more focused on film and streaming assets, particularly Warner Bros. studios and the Max/HBO Max streaming platform, leaving the legacy cable networks aside. [13]
- Complete the already‑planned breakup
- Independently of any sale, WBD has announced plans to split into two publicly traded companies: one housing the studio and streaming operations (“Warner Bros.”) and another (“Discovery Global”) holding global networks, news and sports channels. [14]
- The split is targeted for completion by mid‑2026, with CEO David Zaslav expected to head the studio‑and‑streaming business and CFO Gunnar Wiedenfels overseeing Discovery Global. [15]
Today’s push for higher bids effectively forces potential buyers to put their best offers on the table before WBD decides whether a sale is more attractive than its standalone breakup plan.
What each bidder is really after
The three major suitors are not looking for identical outcomes, and that matters for how much they may be willing – or able – to pay.
Paramount Skydance: going for the whole empire
- Paramount Skydance, led by CEO David Ellison, is seen as the only bidder aiming to buy the entire WBD group, including CNN, TNT Sports and other cable networks alongside Max and the Warner Bros. film and TV studios. [16]
- If successful, a combined Paramount–WBD could control roughly 32% of the North American box office, significantly strengthening its theatrical footprint and allowing it to merge Paramount+ with Max/HBO Max. [17]
However, towering scale also brings regulatory scrutiny. A separate Reuters analysis last week noted that any winning bid is likely to face intense political and antitrust review, but Paramount’s would immediately become one of the largest entertainment conglomerates in history. [18]
Comcast: a studio‑and‑streaming power play
Reports indicate Comcast is mainly interested in Warner Bros.’ film and streaming businesses, which could be combined with NBCUniversal and Peacock to create a formidable competitor to Disney and Netflix. [19]
That route might leave WBD’s lower‑growth cable assets parked in the standalone Discovery Global entity, while Comcast focuses its capital on crown‑jewel franchises like DC, Harry Potter and HBO originals.
At the same time, Comcast’s relationship with President Trump and past political criticism of NBCUniversal could mean an extra layer of regulatory risk for any deal it leads. [20]
Netflix: from pure streamer to full studio owner
Netflix’s interest is perhaps the most strategically intriguing:
- Various reports say Netflix is looking at acquiring Warner Bros.’ studios and Max/HBO Max, not the legacy cable networks. [21]
- Netflix has reportedly told WBD it would preserve theatrical release windows for Warner Bros. films, rather than moving everything straight to streaming – an important assurance for talent and exhibitors. [22]
A Netflix–Warner Bros. combination would instantly blend the world’s largest subscription streaming base with one of Hollywood’s deepest libraries – but regulators would almost certainly examine what that means for competition in streaming and in key sports rights. [23]
Regulatory and political headwinds
A November 21 Reuters piece made clear that regulatory risk is not a footnote – it is central to the WBD auction story. [24]
Highlights from that analysis:
- Antitrust scrutiny will likely focus on streaming market concentration, theatrical distribution share and control of premium sports rights. A combined Paramount–WBD could command about a third of the U.S. theatrical box office; a Comcast deal could create an even larger footprint. [25]
- Political factors also loom large. Paramount’s Ellison family has financial ties to President Trump, raising concerns among some lawmakers about perceived favoritism. Conversely, Comcast’s NBCUniversal has frequently been criticized by Trump, potentially complicating any review of a Comcast‑led bid. [26]
- Netflix faces scrutiny over content issues and questions about whether combining Netflix and Max would concentrate too much power in subscription streaming. [27]
For WBD shareholders, this means even an apparently generous second‑round offer is not guaranteed to close quickly – or at all.
Under the takeover noise: WBD’s Q3 2025 fundamentals
With so much attention on bidding wars, it’s easy to forget that Warner Bros. Discovery still has to run its business quarter to quarter.
In its third‑quarter 2025 results, released on November 6, the company reported: [28]
- Revenue of roughly $9.0 billion, down about 6% year‑on‑year on a constant‑currency basis, largely due to weaker advertising and distribution in its traditional TV networks and tough comparisons against the prior year’s European Olympic content.
- A net loss of about $148 million, driven in part by more than $1 billion of non‑cash amortization and restructuring‑related charges tied to earlier mergers.
- Adjusted EBITDA of around $2.5 billion, up about 2% in constant currency, supported by growth in its Streaming and Studios segments.
- Free cash flow of roughly $0.7 billion for the quarter and cash from operations of about $1.0 billion.
- Net debt of roughly $34.5 billion and net leverage near 3.3x, with about $4.3 billion of cash on the balance sheet.
- Streaming subscribers of 128 million, an increase of around 2.3 million versus the prior quarter, showing that Max/discovery+ are still gaining scale.
In sports, WBD Sports Europe also announced a new partnership on November 21 with the International Bobsleigh & Skeleton Federation, expanding Eurosport and Max coverage of winter sliding sports across more than 50 countries ahead of the 2026 Winter Olympics. [29]
These fundamentals matter because they help determine whether WBD is attractive even without a sale – and they influence how much bidders are willing to pay.
Valuation check: Wall Street vs. potential takeover price
Today’s move higher puts WBD stock only slightly below Paramount’s last reported offer level of $23.50 per share, but still well under the $30 per share that WBD’s board is said to be targeting. [30]
Other valuation markers:
- MarketBeat’s compilation of analyst estimates shows a consensus 12‑month price target of about $21.92, a few percent below where the stock traded earlier this week – suggesting most sell‑side analysts see limited upside without a deal. [31]
- Newer analyst targets issued since late October are clustered just above $25 per share, according to that same report, implying that some on Wall Street believe bids in the mid‑$20s could be reasonable. [32]
In simple terms:
- If WBD ultimately secures something near $30, current shareholders could still see meaningful upside.
- If the board settles for bids closer to the mid‑$20s, most of today’s deal premium may already be reflected in the share price.
- If no deal happens and WBD proceeds with its breakup plan, there is a real risk that the stock gives back part of the takeover premium that has driven its more than three‑fold rebound from the lows. [33]
Insider activity: Form 144 filed today
One smaller but noteworthy headline today:
A corporate officer, Lori C. Locke, filed a Form 144 with the U.S. Securities and Exchange Commission proposing to sell 5,000 WBD shares under a pre‑arranged 10b5‑1 trading plan. [34]
This is a relatively modest transaction for a company of WBD’s size and does not, by itself, signal anything unusual. But in a stock already driven by deal speculation, investors often keep an eye on insider selling as another piece of the puzzle.
How today’s news fits into the longer‑term story
Putting all of this together, here’s what November 26 means for WBD shareholders and watchers:
- The auction has reached a critical stage.
The December 1 deadline for improved bids is now hard enough that all three suitors will have to declare how much they truly want Warner Bros. Discovery – and at what price. [35] - The board is signaling confidence.
By insisting on higher offers after already rejecting a mostly cash bid near $24, WBD’s board is making it clear it believes the company is worth more – either sold or split. [36] - Regulatory risk remains the wild card.
Even if a headline‑grabbing offer lands, antitrust and political hurdles could stretch out or derail a deal. Traders chasing a quick takeover pop need to factor in the possibility of a long road to closing. [37] - Fundamentals aren’t amazing, but they’re not broken either.
The Q3 numbers show declining linear TV revenues but growing streaming scale, positive free cash flow and gradual de‑leveraging – a mixed but improving picture that underpins the sale story. [38] - Investor sentiment is highly deal‑dependent.
With the stock now more than triple its 52‑week low and trading near both recent offer levels and some analyst fair‑value estimates, the next leg up or down likely depends on what those December 1 bids look like – and whether any of them can realistically clear regulators. [39]
What to watch next
For anyone following Warner Bros. Discovery stock over the coming days and weeks, the key catalysts are:
- December 1 bid deadline: Look for credible reporting on the size and structure of the new bids from Paramount Skydance, Comcast and Netflix.
- Board response and possible exclusivity: Any indication that WBD has entered exclusive talks with one suitor would be a major signal of where the process is headed. [40]
- Regulatory and political commentary: Statements from U.S. regulators or prominent lawmakers could move the perceived odds of closing, especially if a winner emerges. [41]
- Further insider filings or stakeholder comments: Additional Form 144s, large institutional moves or on‑the‑record remarks from bidders may offer clues about confidence levels. [42]
Final thoughts (and a quick reminder)
Warner Bros. Discovery has turned into one of the most closely watched stocks in the market, sitting at the crossroads of streaming disruption, Hollywood consolidation and election‑year politics. Today’s news doesn’t end that story – but it does move it into a more decisive chapter.
As always, this article is for information and news purposes only and is not personal investment advice. Before buying or selling WBD (or any other stock), consider your own financial situation, risk tolerance and time horizon, and consult a qualified financial adviser if you need personalised guidance.
References
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