Warner Bros. Discovery Just Sold. Could Disney Be Next?
When David Ellison’s Skydance Media bought Paramount, the bidding war lasted years.
When Netflix announced its intent to purchase Warner Bros. Discovery, the bidding lasted two weeks.
Photo: Netflix
I’m serious. Reports of the first bids occurred on November 21st, 2025.
By the break of dawn on December 5th, we had a winner, pending regulatory approval.
Photo: Disney
In the aftermath of this hallmark announcement, several questions have arisen.
Some of them impact your favorite company. Yes, WBD just sold. Could Disney be next?
What Just Happened
In case you don’t pay attention to such things, Netflix just bought most of WBD.
Netflix took out $59 billion in loans to make a total offer of $82.7 billion for the most desirable parts of WBD.
Netflix is paying $72 billion in cash and a bit over $10 billion in stock options for its new prize.
While the deal won’t execute until after WBD finishes its VERSANT spinoff, it’s happening.
Photo: Netflix
Well, I say that, but the FCC is already rattling its chains that it might get involved.
Theoretically, the government’s broadcast watchdog shouldn’t play a factor here, but the world has gotten weird.
Walt Disney
As Deadline argues, “The FCC likely will not be involved. Because WBD holds no broadcast licenses, there will be no transfers of ownership, something that triggers an FCC review. “
That’s my take on the situation as well, although unpredictability is the only predictable factor in politics today.
Source: comicbook.com
Still, based on everything we know, Netflix is about to take a page from Disney’s playbook.
Netflix will swallow all the desirable assets of WBD, a company that is more than 100 years old.
Meanwhile, Netflix itself wasn’t founded until 1997 and didn’t get good until about 20 years ago.
Fear the Albanian Army
In fact, on December 12th, 2010, the then-CEO of what was called Time Warner at the time dismissed Netflix.
According to Jeffrey L. Bewkes, Netflix could never possibly be a threat. He derisively stated:
“It’s a little bit like, is the Albanian Army going to take over the world?”
Five years ago, The Spectator summarized the stupidity by saying:
Photo: The New York Post
“His sarcastic answer deserves to go down as one of the all-time dumb predictions.”
That quote happened almost exactly five years ago, ten years after Bewkes’ nonsense.
Photo:Ivan Marc / Shutterstock.com
Somehow the Albanian Army quote got even stupider, as Albania has won the war!
Presuming nothing changes, a 28-year-old company will take control of one founded in 1923.
Disney Digital Services
That’s…gotta sting. While it’s a very, VERY funny and karmic turn of events, it’s also nerve-wracking.
Hollywood performers are witnessing yet another studio die, the second one in six years.
Getty
Meanwhile, theater owners already hated Netflix. Now, the streaming service will own Batman.
I mean that literally. Netflix will acquire all of the Warner Bros. intellectual properties, including DC.
Photo: whatsondisneyplus.com
So, that’s bad for Disney, as someone competent will finally run DC’s movie division.
Still, the biggest concern for Disney isn’t a heightened level of competition.
Walt Disney Company
Netflix was already the most potent force in streaming. Now, it’s just gained a power-up like Mario with a Fire Flower.
The “Albanian Army” has just secured its grasp on streaming and the entirety of Hollywood, really.
Photo: Wikimedia
Industry insiders are freaking out because they know it, too, but that’s not the worst part.
Now, we know that power players are willing to pay tons of money for legacy media businesses.
Photo: vecteezy.com
Hey, who isn’t the best-positioned of the legacy media businesses? Yup, it’s Disney.
Now, concerns abound that some other deep-pocketed business will come for Mickey Mouse.
Could Disney Be Next?
Photo: Playbuzz.com
I often quote Bank of America analyst Jessica Reif Ehrlich, who I consider one of the finest Wall Street experts.
Reif Ehrlich has been getting plenty of oxygen this week over her thoughts on WBD selling out.
According to the analyst, companies like WBD and Disney are in big trouble. Here are the quotes:
“The global media industry stands at the precipice of historic transformation, with WBD positioned at the epicenter.”
VIP+
“The bidding war for WBD’s streaming and studio assets reflects the economic reality of the 2025 media environment.”
“Mid-sized legacy media studios/companies can no longer compete with the unit economics of Netflix or the ecosystem of large tech players, such as Amazon.”
Forbes
Now, Reif Ehrlich doesn’t perceive Disney as the next domino to fall. Instead, she argues:
“Ultimately, an acquisition may be existential for both Paramount Skydance and [Comcast’s] NBCUniversal.”
Photo:nbcuniversal
Basically, one of the smartest people on Wall Street thinks Paramount’s new ownership is already in trouble.
Skydance bought a legacy media company it intended to pair with WBD but then lost the bidding.
Comcast
Now, Paramount has the same problems as before the acquisition, and it lacks enough content.
Similarly, Comcast and WBD had considered a merger of sorts that just partially collapsed.
Comcast
The television broadcasting part of it might/probably will still happen, but NBCU won’t get the brands.
So, now, everyone is carefully examining the board to determine who to target next.
Since Skydance couldn’t outbid Netflix for WBD, it definitely cannot afford Disney.
But Reif Ehrlich already mentioned someone who could: Amazon.
Photo: apple
Two other big names who are possibilities are Google and Apple, the latter of which is often linked to Disney.
Therefore, people are already starting a whisper campaign about Disney as an asset.
We’re Safe for Now
What benefits Disney in the short term is that Bob Iger returned as CEO.
As a leader, Iger has always understood that the books matter the most.
Photo: Getty
He cleaned up Disney’s revenue streams and thereby enhanced the balance sheet.
Disney profits on one out of every six dollars it earns now, which is fairly solid.
Photo: Variety
Don’t get me wrong. Disney’s not Nvidia or Google or anything, but it’s in good financial shape.
Even better, Disney’s content assets are the gold standard and will remain that way.
Image: Nvidia
As analysts have noted, Paramount may have surpassed the Mouse if they’d acquired WBD.
Since Netflix has gained those assets instead, Disney remains on top of the mountain in terms of media content.
Walt Disney Company
Of course, that’s a double-edged sword, as this knowledge makes Disney more attractive.
Disney’s market cap typically hovers around $200 billion these days, currently at $188 billion as I type this.
Photo: Getty
WBD’s market cap was at $50 billion when bids started, and it wound up near $65 billion on the day the deal was announced.
So, Disney would cost triple WBD, whose content already went for substantially higher than its market cap.
Photo:Disneycoupon.jpg
Thus, only a handful of corporations can afford Disney at the moment.
I mean, as things stand, Skydance needed Saudi money for its WBD bid.
Similarly, even the cash-rich Netflix needed $59 billion in loans to maximize its offer.
Right now, Disney appears safe as a standalone legacy media company and easily the best-run one at that.
Photo: English Jargon
Should one of the trillion-dollar companies like Amazon or Apple pursue it, they could win, though.
I think fans are safe for now, but if the next CEO proves Chapek-like, things could change fast.
Photo: MickeyBlog
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