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Warner Bros. Bidding War Potential: How High Could WBD Shares Go?

Written by Leo Miller. Published 10/23/2025.

Within the U.S. entertainment and media industry, one unlikely name is in the top echelon of stock market performers in 2025. That company is Warner Bros. Discovery (NASDAQ: WBD). It has delivered a total return of approximately 94%, a top-three figure among U.S. large-cap media and entertainment stocks.

Warner Bros.’ status as a traditional media company makes its gain surprising. Despite strong growth in its HBO Max streaming service, WBD’s movie studios and linear TV businesses still account for the overwhelming majority of its revenue. The rise of streaming services has battered those businesses in recent years. However, Warner Bros. owns something every media company wants but is hard to build: premium content. Below we discuss the bidding battle behind the recent share gains — and whether investors can capitalize on Warner Bros.’ enviable position.

Warner Bros Plays Hard to Get With Paramount Skydance

Most of Warner Bros.’ 2025 ascent has occurred in the past several weeks, with shares up more than 75% since the start of September. The rally accelerated on Sept. 11 when reports emerged that Paramount Skydance (NASDAQ: PSKY) was preparing a bid to acquire the entirety of WBD. That news sent WBD shares up about 55% in three days. Paramount Skydance recently formed through a merger backed by Larry Ellison — co-founder of Oracle and the second-richest person in the world.

Paramount Skydance has shown a willingness to pay up for content: in August it signed a $1.1 billion-per-year deal to broadcast the Ultimate Fighting Championship, roughly double what ESPN previously paid. As Paramount Skydance looks to bolster its content library, Warner Bros. has become its next target. WBD, however, appears intent on extracting as much value as possible; it reportedly rejected an almost $24-per-share offer from PSKY. Had WBD accepted, shares would have risen to nearly $24 — about a 17% premium over the Oct. 22 close. If another bidder pushes the price higher, investors could see even larger gains. That’s where Netflix (NASDAQ: NFLX) and Comcast (NASDAQ: CMCSA) enter the picture.

Netflix and Comcast: WBD’s Latest Suitors

On Oct. 21, Warner Bros.’ shares jumped another 11% after the company announced it had initiated a “review of potential alternatives to maximize shareholder value.” In that filing, WBD said it had received “unsolicited offers” from “multiple parties” interested in buying some or all of the company. Reports then surfaced that Netflix and Comcast are among those parties. Both are massive companies — each valued at over $100 billion — and WBD would benefit by pitting them against Paramount Skydance.

Netflix understands that content is king. Access to Warner Bros.’ library — including DC, Harry Potter, Lord of the Rings, and Game of Thrones — would be a transformational boost to its growth and competitive position. Comcast could similarly lean on those intellectual properties to strengthen Peacock and its broader media offerings.

Regulatory approval will be the key hurdle. Any takeover of Warner Bros. would further consolidate the media landscape, and a deal involving Comcast would likely face the toughest scrutiny.

WBD CEO Seeks Near 95% Premium Over Oct. 22 Price

There appears to be a bidding war for Warner Bros. Discovery. Chief Executive Officer David Zaslav is reportedly seeking an offer of $40 per share, which would represent nearly a 95% premium over the Oct. 22 closing price. Notably, Deutsche Bank and Benchmark both raised their WBD price targets to $23 and $25, respectively.

Overall, a deal in the next several months to a year seems increasingly possible. If completed, shareholders could see substantial gains — especially if Zaslav secures the $40-per-share price — but there is meaningful downside if no bid materializes, since takeover speculation is the main factor supporting WBD’s current share price.