What Paramount, Comcast, Netflix could do with the assets

With more than a century of some of the most popular film and television content, it’s no wonder why Paramount Skydance, Comcast and Netflix are bidding for Warner Bros. Discovery’s assets.

Paramount made an initial offer in September to acquire Warner Bros. Discovery, leading WBD, which months earlier had announced plans to split itself into two companies, to officially explore a sale process.

WBD’s plans mirrored those of Comcast — separating out its cable networks from its movie properties and streaming service, HBO Max.

Its coveted library of content includes franchises like DC’s superheroes, Harry Potter, Lord of the Rings, Game of Thrones, Looney Tunes and Scooby-Doo. It is also the distributor of Legendary’s Dune franchise and Godzilla and King Kong films. The cable networks include CNN, TNT, TBS and TruTV, among others.

Earlier this week the company received second-round bids from potential buyers, according to people familiar with the matter who declined to be named speaking about internal processes.

As of Thursday morning, Netflix was the leading bidder based on how WBD is valuing the offers, CNBC reported Thursday. WBD expects to announce a winner as early as next week, sources told CNBC.

“All three candidates could potentially be beneficial, which is why Warner Bros. would be such an attractive acquisition,” said Shawn Robbins, director of analytics at Fandango and founder of Box Office Theory. “Potential isn’t enough, though. Resources, experience, and the proven ability to execute must be weighed.”

Here’s what each suitor could do with WBD assets.

Given its exit from the cable TV business, Comcast isn’t interested in Warner Bros. Discovery’s massive portfolio of networks. Therefore, Comcast’s offer includes a clause that would allow WBD to spin out its cable networks at any point before the proposed acquisition closes, CNBC previously reported.

Warner Bros. Discovery intellectual property would serve the most immediate boost to NBCUniversal’s Peacock. The streaming service is far behind its peers in terms of subscriber numbers, with just 41 million customers as of Sept. 30. The platform has bulked up heavily on sports programming but has been lacking on original content.

Outside of the superhero fare, WBD’s television content could strengthen NBCUniversal’s streaming service Peacock with programming like “IT: Welcome to Derry,” “The Pitt,” “The Last of Us” and a pair of shows from the Game of Thrones universe.

Adding Warner Bros. Discovery’s IP into the fold would allow Universal to bolster its number of popular franchises, pad its streaming service…