Comcast Renews Push to Merge NBCUniversal With Warner Bros. Discovery

Comcast (CMCSA) is again exploring a major media consolidation move, reportedly seeking to merge its NBCUniversal division with Warner Bros. Discovery (WBD), according to Bloomberg. Sources say Comcast made a renewed offer on Monday for a portion of WBD that would give it control over the combined company.

Deal Structure: Cash + Stock for WBD Shareholders

Under the proposal, WBD shareholders would receive a mix of cash and stock in the newly formed entity. CEO David Zaslav is expected to take a management role in the combined company, according to people familiar with the talks.

Strategic Goal: Create a Media Superpower

A merger would unite:

NBC TV network
Universal Pictures film studio
NBCUniversal TV studios
Universal theme parks
Warner Bros. film & TV operations
HBO & HBO Max streaming service
Discovery content portfolio

Comcast aims to build a much larger entertainment behemoth, strengthening its competitive position against Disney, Netflix, Amazon, and Apple in the streaming and media landscape.

Boost to Peacock Through HBO Max

Acquiring HBO Max would meaningfully reinforce Peacock, Comcast's struggling streaming platform, which has lagged behind rivals in subscriber growth and content scale.

Networks Spinoff Still Planned

Despite merger talks, both companies reportedly remain committed to their previously announced plans to spin off their networks portfolios into separate entities — a strategy designed to simplify their business structures and reduce linear-TV exposure.