On Thursday, Paramount, Comcast and Netflix each submitted bids for portions—or potentially all—of Warner Bros. Discovery, according to a source familiar with the situation. Their offers formally launch what is expected to be a major shakeup that could result in the company changing hands once again, either in full or through a breakup.

For now, Paramount—under CEO David Ellison—is the only bidder seeking to purchase the entire WBD portfolio. That collection includes the highly regarded HBO film and TV studios, the HBO Max streaming service, and a wide slate of cable networks such as TNT, TBS, CNN, HGTV and Food Network.

WBD itself had been exploring a plan to divide the company, separating the studios and streaming operations into one entity while placing the linear cable channels into another.

Comcast, which owns NBCUniversal and is currently carving out its cable networks into a new company called Versant, and Netflix are both targeting WBD’s studio and streaming assets. If the board opts for one of those partial bids, the remaining linear networks would need to be spun into their own standalone company or sold to a separate buyer.

Regardless of the outcome, any sale of WBD is poised to reshape the entertainment landscape, likely tightening consolidation across film, television and streaming at a time when the industry is already grappling with significant turbulence.

A lingering unknown is whether Saudi Arabia—or another Middle Eastern investment fund—is backing any of the bids as a financial partner. Both Paramount and Comcast have been linked to possible investors from the region during their pursuit of the company. It is also not yet known whether any additional bidders entered the process.

The nonbinding bids were due by noon on Thursday, leaving WBD’s board to determine next steps. More rounds of bidding are expected. In evaluating the Comcast and Netflix proposals, the company will also have to assess how to value the remaining linear TV business and anticipate potential regulatory scrutiny—particularly with renewed signals from the Trump administration that a challenge could be on the table.

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