Wall Street analysts believe that bids to buy Warner Bros. Discovery could land anywhere between $21 to $30 a share. On Tuesday, the media and streaming announced that it was reviewing all of its options for a sale or partial sale after receiving “unsolicited interest” from multiple potential buyers. As this takes place, the company is still considering splitting its streaming and studios business and global news networks into two separate entities. But a full sale is now on the table officially. Sources told CNBC’s David Faber that both Netflix and Comcast are among the interested buyers. Warner Bros. Discovery has also fielded an offer of $20 per share from the newly merged Paramount Skydance, which was rejected for being too low, Bloomberg reported earlier this month. As chatter increased over the last month that the full Warner Brothers could be for sale, analysts told clients what their takeout share price targets are, and they are higher from where the stock was trading Tuesday. The stock was last up 11% Tuesday to a little more than $20 a share. With takeover bids likely to come in over the coming weeks from companies and private equity, here’s what analysts have been saying about a potential deal price. Bank of America Analyst Jessica Ehrlich raised her price objective in late September to $24 from $16. “It is our view that as a standalone entity WBD’s streaming and studio assets would generate a bidding war amongst potential buyers, and therefore, we believe a split of the company can garner the greatest potential value,” she wrote. “At takeout valuation (20x on the Streaming & Studio assets), we estimate the consolidated WBD entity is worth ~$30+ per share.” Ehrlich added that she believes the market continues to underestimate the Discovery Global business. The analyst also presented a private equity firm as a potential buyer, although she said this would be an “unlikely” option. Wells Fargo Last week, Wells Fargo increased its price target to $21 per share on the potential for a follow-up, higher bid from Paramount Skydance. Analyst Steven Cahall believes that Paramount Skydance is interested in buying all of Warner Bros. Discovery, and that a subsequent offer could be “both higher at low-$20/sh & hostile (aka public).” Meanwhile, other bidders — perhaps including Netflix, Apple, Comcast or Amazon — would most likely be only interested in Warner’s streaming and studios business, the analyst said. MoffettNathanson In late September, analyst Robert Fishman raised his price target by $9 to $23 to “reflect the high probability of a PSKY bid plus other potential bidders.” Fishman wrote that despite the improved scale of a combined Paramount Skydance and Warner Bros. Discovery, the companies would still lag behind key competitors. KeyBanc Capital Markets Analyst Brandon Nispel said on Tuesday that a purchase price of between $20 to $24 a share seemed “fair.” The analyst added that Comcast acquiring Warner Bros. Discovery would be a negative for the former. “While CMCSA’s balance sheet is strong, ultimately CMCSA would be likely entering a potential bidding war for a Streaming Platform and Studio, both of which it already has,” he wrote. Bernstein Bernstein analyst Laurent Yoon in September forecast a potential value of $20 to $25 per share, with the caveat that this is based on synergies with Paramount Skydance. Yoon noted that Warner Bros. will transact, either in whole or in parts, and that Paramount Skydance is a strategic buyer that offers “meaningful synergy potential.” He also wrote that buying Warner Bros. would be crucial for Paramount Skydance’s existence going forward. “In our view, without access to a meaningful volume of quality content, we’re not too optimistic about PSKY’s standalone future. WBD effectively solve PSKY’s content challenge, and there is no comparable alternative,” he said. Morgan Stanley In September, Morgan Stanley saw a bull case of $22 per share. Analyst Benjamin Swinburne wrote that the synergy assumption in a hypothetical deal proposal could rise to $5 billion, which could support an offer in the range of between $22 to $27. This would still fall in the historical trading range for media stocks, or between 8x to 9x EV/EBITDA, he said. — CNBC’s Michael Bloom contributed to this report. Disclosure: Comcast is the parent company of CNBC. ( Learn the best 2026 strategies from inside the NYSE with Josh Brown and others at CNBC PRO Live. Tickets and info here . )
