CNBC·2025-12-08 17:13Core Viewpoint - Comcast's bid for Warner Bros. Discovery was unsuccessful, with the company detailing its proposal and rationale during the UBS Global Media and Communications Conference, shortly after being eliminated from the bidding process [1] Group 1: Bid Details - Comcast's proposal focused solely on acquiring the Warner Bros. film studio and HBO Max streaming business, unlike rival bidders who sought the entire business, including cable TV networks [2] - The company's offer included a significant equity stake in a combined entertainment entity, which would integrate NBCUniversal's assets with Warner Bros. and HBO Max, creating a publicly traded subsidiary of Comcast [4] - Comcast's proposal was described as "light" on cash compared to competitors, reflecting a cautious approach to avoid stressing the company's balance sheet [3] Group 2: Competitor Offers - Netflix emerged as the winning bidder with a cash and stock deal valued at $27.75 per share for Warner Bros. Discovery, totaling an equity value of $72 billion and an enterprise value of approximately $82.7 billion [5] - Paramount made a direct all-cash tender offer of $30 per share to Warner Bros. Discovery shareholders, equating to an enterprise value of $108.4 billion, indicating a preference for high cash levels from the board [6] Group 3: Company Strategy - Comcast's leadership emphasized a high threshold for pursuing mergers and acquisitions, indicating a strategic focus on maintaining financial stability [6] - Despite the unsuccessful bid, Comcast expressed satisfaction with its current operations and the insights gained from the bidding process [7]