Warner Bros. up for sale - and Netflix could strike

Luca Fontana

22.10.2025

Translation: machine translated

The rumour mill was right: Warner Bros. Discovery is officially up for sale. A potential billion-dollar remake of the entire entertainment industry is in the offing - but Paramount and Netflix want a say.

It's been bubbling in Hollywood for some time, but now it's official: Warner Bros. Discovery (WBD) is actively looking for a buyer. This means that one of the most traditional studios in film history is on the verge of the next mega-deal in the entertainment industry.

These are the five most important questions and answers about the planned sale.

What exactly is going on?

In a press release dated 21 October, WBD announced that it had initiated a « review of strategic alternatives to maximise shareholder value». Behind this typically sober formulation is in fact a clear step: the company is open to takeover bids.

According to WBD CEO David Zaslav, «has heard interest from several parties in all or parts of the Group». Accordingly, the Board of Directors is now examining various options, including the originally planned Group split into two companies («Warner Bros.» and «Discovery Global»). A complete sale or individual partial sales are also under discussion.

Who is being traded as a potential buyer?

A merger of WBD and Paramount Skydance would be another massive step in the ongoing consolidation of the US media landscape. It would bring brands such as HBO, CNN, DC, Nickelodeon, Paramount Pictures and MTV under one roof. That's a huge portfolio, but also a potential monster of integration and debt.

According to Collider, Netflix co-CEO Ted Sarandos and WBD boss David Zaslav recently met at a boxing match in Las Vegas, further fuelling speculation about possible interest. A deal with Netflix would be an earthquake for Hollywood: it would put one of the oldest studio names in the industry directly into the hands of a streaming giant that has so far been competing against the studio system from the outside.

So for Zaslav, a takeover could be less of a flight forward than a lifeline. Or in other words: an opportunity to bring the Warner Bros. Discovery chapter to a clean close and hand over responsibility to the next media goliath.

By when should the sale be finalised?

WBD emphasises that there is no fixed timetable or obligation to sell. Nevertheless, the move is formulated remarkably openly: The doors are wide open and the timing is no coincidence. The spin-off of Warner Bros. and Discovery Global is expected to be finalised by mid-2026 - and this could be the perfect opportunity for a buyer such as Paramount Skydance or Netflix to strike.

And what does this mean for James Gunn's DC universe?

If WBD is indeed sold, Gunn's future will depend heavily on the new owner. Paramount Skydance, for example, might want to be more creatively involved and control projects more closely; Netflix, on the other hand, is likely to focus on speed and mass - two things that are only partially compatible with Gunn's careful «story-first» approach.

In short: James Gunn's DCU is neither on the brink of extinction nor is it untouchable. A lot depends on whether «Supergirl», «Lanterns» and the upcoming DC projects really grab the audience. After all, if the new DC universe shows that it hits the heart and the box office at the same time, even a new owner should have little reason to shake it.

Luca Fontana

Senior Editor

Luca.Fontana@digitecgalaxus.ch

I write about technology as if it were cinema, and about films as if they were real life. Between bits and blockbusters, I’m after stories that move people, not just generate clicks. And yes – sometimes I listen to film scores louder than I probably should.

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