Warner Bros. Discovery (WBD) has begun soliciting bids for all or parts of its entertainment empire, including its vast television and film library.
According to Bloomberg, CEO David Zaslav told senior executives that Apple, Amazon, Netflix, and Comcast have expressed early interest in acquiring portions of the company's content assets.
Paramount Skydance has already submitted a $24-per-share offer for Warner Bros. Discovery, though it was reportedly rejected. Zaslav, who stands to gain financially from a successful sale, is reportedly pushing for a deal amid mounting financial pressure on the media conglomerate.
Insiders caution that Apple's involvement may be more exploratory than concrete, potentially driving up competition among bidders. Apple has rarely pursued large-scale acquisitions — its biggest purchase remains Beats Electronics for $3 billion in 2013 — and any Warner Bros. deal would likely cost tens of billions and require significant operational integration.
In a recent podcast, Apple executive Eddy Cue said the company prefers to "build rather than buy" for its streaming division but doesn't rule out acquisitions entirely. While Apple TV+ currently focuses on original content, analysts note the company could be tempted to acquire HBO's catalog or other premium assets if offered separately at the right price.
Talks are still in early stages, with potential buyers expected to sign non-disclosure agreements to review Warner Bros.' internal financials before deciding whether to make formal offers.
The sale process comes as Warner Bros. Discovery faces growing debt and declining profitability, prompting Zaslav to consider breaking up the studio's assets to attract more buyers — a move that could reshape the global streaming and entertainment landscape.
WBD closed at $21.25 or 3.51% higher and currently trades after hours at $21.23 or 0.09% lower on the NasdaqGS.
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