Comcast Corp. (CMCSA) has reportedly taken the first formal steps toward a potential bid for Warner Bros Discovery (WBD) — a move that could dramatically reshape the global media and streaming landscape. According to multiple sources familiar with the matter, NBCUniversal’s parent company has hired Goldman Sachs and Morgan Stanley to evaluate a possible acquisition of Warner Bros Discovery’s studio and streaming divisions, marking one of the most ambitious media maneuvers since the Disney-Fox merger in 2019.

Comcast Enters the Data Room

Comcast’s engagement with top Wall Street advisors signals the seriousness of its intent. The Philadelphia-based conglomerate has also been granted access to Warner Bros Discovery’s data room, giving its executives and bankers a look at sensitive financial details critical for any potential bid.

While representatives for Comcast, Warner Bros Discovery, Goldman Sachs, and Morgan Stanley declined to comment, industry insiders say the preliminary due diligence phase is already underway. “This is not a speculative conversation anymore — Comcast is inside the tent,” said one person familiar with the process.

The move comes after Comcast President Mike Cavanagh hinted at potential M&A ambitions earlier this year, telling investors the company was exploring assets that could be “complementary to our existing business.” When pressed about potential regulatory obstacles, Cavanagh struck an optimistic tone, saying, “More things are viable than maybe some of the public commentary that’s out there.”

Strategic Stakes: Studios, Streaming, and Scale

A successful acquisition would give Comcast an unprecedented portfolio: NBCUniversal’s content empire combined with Warner Bros Discovery’s powerhouse brands, including HBO, CNN, DC Studios, and Warner Bros Pictures. The union would instantly create a media titan with one of the most extensive content libraries in history — positioning Comcast as a direct rival to Disney, Netflix, and Amazon Prime Video in the global streaming race.

Warner Bros Discovery, led by CEO David Zaslav, has been under pressure to improve profitability and streamline operations since its merger in 2022. During the company’s latest investor call, Zaslav avoided questions about a potential sale but emphasized the “strength of our studios” and projected that HBO Max could reach 150 million subscribers by year-end — a milestone that would further bolster its valuation.

Behind the scenes, sources indicate that Warner Bros Discovery began exploring strategic options after receiving three unsolicited offers from Paramount Skydance (PSKY) to acquire the company in full. The approach by Comcast, however, reportedly focuses on the studio and streaming arms rather than the entire organization — a strategy seen as more targeted and potentially easier to finance and regulate.

Competitive Landscape and Political Friction

Comcast’s potential bid faces not only market scrutiny but also political headwinds. U.S. President Donald Trump has frequently criticized Comcast and its leadership, particularly CEO Brian Roberts, on social media, labeling the company as “fake news” for its association with NBC. Some analysts believe this political friction could complicate regulatory approval, particularly under an administration that has shown a willingness to intervene in major corporate deals.

Still, Comcast’s leadership appears undeterred. The company’s M&A strategy is bolstered by its strong balance sheet and consistent cash flows from its broadband and cable divisions. Analysts note that Comcast may also see the Warner Bros Discovery assets as a way to diversify beyond traditional cable and strengthen its global streaming footprint through a combination of HBO Max and Peacock.

Meanwhile, Netflix (NFLX) is reportedly considering its own move. According to Reuters, Netflix has engaged Moelis & Co., the boutique investment bank that advised Skydance Media on its successful acquisition of Paramount Global, to explore a potential counteroffer for Warner Bros Discovery’s studios and streaming units.

What Comes Next

If Comcast proceeds with a formal offer, it could set off a multi-party bidding war involving Netflix, Skydance, and possibly private equity firms eyeing a stake in the rapidly consolidating entertainment industry. Such a deal would likely be one of the largest in media history, potentially valued in the tens of billions of dollars and closely watched by global regulators.

Analysts say any successful bid could redefine the entertainment ecosystem — consolidating streaming platforms, reshaping content distribution, and forcing smaller players to seek alliances or risk irrelevance. As one media strategist put it, “This isn’t just about buying a studio — it’s about buying the future of storytelling.”