Comcast CEO Brian Roberts Visits Saudi Arabia Amid Potential Bid for Warner Bros. Discovery
Amid mounting takeover speculation, Roberts meets Saudi sovereign fund officials as Warner Bros. Discovery sale talks accelerate
Comcast Corporation chief executive Brian L. Roberts has travelled to Saudi Arabia as part of efforts linked to the company’s exploration of a possible bid for Warner Bros. Discovery (WBD).
During the trip, Roberts held meetings with officials from Saudi Arabia’s sovereign wealth vehicle, the Public Investment Fund (PIF), and attended a high-level financial forum organised by Crown Prince Mohammed bin Salman, according to sources familiar with the matter.
The trip coincided with a Los Angeles dinner on October 30 at which WBD chief executive David Zaslav was honoured for his anti-antisemitism advocacy.
Several leading bidders for WBD’s studio and streaming assets, including Paramount Skydance and Netflix, Inc., were present; Roberts’ conspicuous absence has prompted speculation that he was instead courting funding from PIF.
The negotiations followed Zaslav’s decision to initiate a process to maximise shareholder value at WBD amid multiple unsolicited takeover approaches.
Comcast, valued at roughly $100 billion, has enlisted Goldman Sachs and Morgan Stanley as advisers and gained access to WBD’s financial data room, signalling serious interest in a possible acquisition.
While the company has not formally announced an offer, the meetings suggest a willingness to mobilise major backers given the scale of the transaction.
Some analysts view the Saudi leg of Roberts’s itinerary as strategic.
PIF manages assets approaching one trillion dollars and has previously backed large-scale acquisitions.
A deal combining Comcast’s cable, streaming and theme-park footprint with WBD’s studios and digital platforms could emerge as one of the most significant media consolidations in recent memory.
Roberts reportedly also toured the new Qiddiya “entertainment megacity” development outside Riyadh, where major leisure projects such as theme parks are under construction — one source suggested discussions included a future alliance between Comcast/NBCUniversal and Saudi partners.
However, a tie-up between Comcast and the Saudi sovereign fund carries potential regulatory and reputational risks.
U.S. political concerns — including critical remarks made by former U.S. president Donald Trump about Comcast — and scrutiny of Saudi Arabia’s record on press freedom and human-rights issues may provoke challenges.
The regulatory path for a transaction involving a U.S. media conglomerate and foreign state-backed investors remains complex.
Meanwhile, Zaslav continues pursuing a bidding war for WBD and has been quoted as targeting around $30 per share for the company — valuing it in the vicinity of $70 billion, a premium to the roughly $24 per share previously proposed by Paramount Skydance.
Whether Comcast, supported by Saudi capital or otherwise, will submit a competitive bid remains undetermined, but the Saudi visit underscores the seriousness of Roberts’s intentions and the evolving contours of the takeover landscape at WBD.
During the trip, Roberts held meetings with officials from Saudi Arabia’s sovereign wealth vehicle, the Public Investment Fund (PIF), and attended a high-level financial forum organised by Crown Prince Mohammed bin Salman, according to sources familiar with the matter.
The trip coincided with a Los Angeles dinner on October 30 at which WBD chief executive David Zaslav was honoured for his anti-antisemitism advocacy.
Several leading bidders for WBD’s studio and streaming assets, including Paramount Skydance and Netflix, Inc., were present; Roberts’ conspicuous absence has prompted speculation that he was instead courting funding from PIF.
The negotiations followed Zaslav’s decision to initiate a process to maximise shareholder value at WBD amid multiple unsolicited takeover approaches.
Comcast, valued at roughly $100 billion, has enlisted Goldman Sachs and Morgan Stanley as advisers and gained access to WBD’s financial data room, signalling serious interest in a possible acquisition.
While the company has not formally announced an offer, the meetings suggest a willingness to mobilise major backers given the scale of the transaction.
Some analysts view the Saudi leg of Roberts’s itinerary as strategic.
PIF manages assets approaching one trillion dollars and has previously backed large-scale acquisitions.
A deal combining Comcast’s cable, streaming and theme-park footprint with WBD’s studios and digital platforms could emerge as one of the most significant media consolidations in recent memory.
Roberts reportedly also toured the new Qiddiya “entertainment megacity” development outside Riyadh, where major leisure projects such as theme parks are under construction — one source suggested discussions included a future alliance between Comcast/NBCUniversal and Saudi partners.
However, a tie-up between Comcast and the Saudi sovereign fund carries potential regulatory and reputational risks.
U.S. political concerns — including critical remarks made by former U.S. president Donald Trump about Comcast — and scrutiny of Saudi Arabia’s record on press freedom and human-rights issues may provoke challenges.
The regulatory path for a transaction involving a U.S. media conglomerate and foreign state-backed investors remains complex.
Meanwhile, Zaslav continues pursuing a bidding war for WBD and has been quoted as targeting around $30 per share for the company — valuing it in the vicinity of $70 billion, a premium to the roughly $24 per share previously proposed by Paramount Skydance.
Whether Comcast, supported by Saudi capital or otherwise, will submit a competitive bid remains undetermined, but the Saudi visit underscores the seriousness of Roberts’s intentions and the evolving contours of the takeover landscape at WBD.
