Updated November 19, 2025 at 2:48 PM CST
News that Warner Bros. Discovery is up for sale has Hollywood buzzing. The legendary film studio, which has grown to include streaming services and cable channels, is currently accepting non-binding bids until Thursday. According to company spokesperson Robert Gibbs, they expect to have a decision about the sale by Christmas.
It's become something of a Hollywood parlor game to guess who will ultimately take over the business, which was founded in 1923 by four brothers: Harry, Albert, Sam and Jack Warner. They owned a movie theater in Pennsylvania before coming to Hollywood to make movies.
Warner Brothers Pictures found one of its first silent picture stars in a German shepherd named Rin Tin Tin. By 1927, the studio made history with its feature-length "talkie" picture: The Jazz Singer, starring Al Jolson.
Over the years, Warner Brothers has made or distributed countless iconic films including: Casablanca, The Big Sleep and The Maltese Falcon in the 1940's. The list goes on, with titles like A Clockwork Orange, Goodfellas, Barbie, as well as Bugs Bunny and all the Looney Tunes cartoons.
Warners Brothers has had multiple owners over the decades. Three years ago, Warner Media, as it was called, merged with Discovery. And in June, the company announced it would split in two, with film, TV and streaming studios in one camp, and in the other, mostly legacy cable channels, including CNN.
The planned split has not yet happened, and a new buyer might get the entirety of Warner Bros. Discovery and its film and TV libraries.
As the film industry continues to consolidate, there's speculation that Warner Brothers' old rival Paramount could take over. Having just merged as Paramount Skydance, CEO David Ellison has already made several overtures.
The idea of streaming giant Netflix buying the company has raised antitrust concerns on Capitol Hill. In an earnings call last month, Netflix co-CEO Ted Sarandos told investors, "We've been very clear in the past that we have no interest in owning legacy media networks. There is no change there."
Industry watchers suggest other suitors could be Comcast, Amazon, or an investor who's not already in the entertainment business.
Regardless of whoever does end up buying the company, theater owners say they hope making movies for cinemas will be a priority.
"As long as we have more movies," says Daniel Loria, senior vice president at The Boxoffice Company, which analyzes data from studios and theaters. "That doesn't mean the same amount, doesn't mean less, but more movies. I think you're going to find folks in the movie theater industry support any business decision that gets us there."
Loria recalls that after Disney purchased Fox and Fox Searchlight, their combined studios significantly reduced the number of films they released in the theaters. Crunching the numbers, Loria says in 2016, a year before the merger announcement, Disney and Fox released a total of 38 theatrical films. This year, the consolidated studios released 18.
That's a problem for theater owners who've been struggling to bring audiences back to cinemas after the COVID-19 pandemic shut them down; they're competing with movie-watching on TVs, computers and phones.
Some theater owners and cinephiles also fear studio conglomerates will only greenlight a few big-budget blockbusters, leaving the lower budget indies behind.
"The concern is you're going to see less of that risk taking, less of that experimentation and less of that embracing new directors, new filmmakers in the future," says Max Friend, the CEO of Filmbot, the ticketing platform for independent cinemas in the U.S. "It's really important that there are studios that are funding and supporting, cultivating that kind of work."
He points out that this year, Warner Brothers made a string of critical hits, including Ryan Coogler's Sinners, the horror film Weapons and Paul Thomas Anderson's One Battle After Another.
Friend wonders if the next owner will take similar risks with future original, creative films.
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