Now Streaming: Paramount, Comcast, Netflix preparing Warner Bros. bids

“Now Streaming” is The Fly’s weekly recap of the stories surrounding the biggest content streamers.

PLAYING THIS WEEKEND: Among this weekend’s notable new streaming content is the first episode of season two of drama series “Landman,” which is slated to premier on Paramount+ (PSKY) on November 16. Meanwhile, Netflix (NFLX) subscribers can catch psychological thriller miniseries “The Best in Me,” starring Claire Danes and Matthew Rhys, while Amazon Prime Video (AMZN) users can watch psychological thriller series “Malice,” starring David Duchovny, Carice van Houten, and Jack Whitehall. Additionally, Apple TV (AAPL) subscribers can catch the new season of comedy-drama series “Palm Royale,” starring Kristen Wiig and Allison Janney.

WARNER BROS. DISCOVERY: Paramount, Comcast (CMCSA), and Netflix are all preparing offers for Warner Bros. Discovery (WBD), the Wall Street Journal’s Joe Flint and Lauren Thomas reported Thursday, citing people familiar with the matter. The initial deadline for non-binding first-round bids is November 20, with the HBO owner holding the auction process in hopes of having a deal completed by the end of the year, the report noted.

The news comes a day after Puck’s Matthew Belloni reported that Comcast CEO Brian Roberts visited Saudi Arabia amid a potential bid for Warner Bros. Discovery, meeting with officials from the Public Investment Fund, which manages nearly $1T in assets. His trip coincided with a high-profile dinner honoring Warner Bros. Discovery CEO David Zaslav, sparking speculation that Roberts was seeking PIF support for a possible acquisition, according to the report, which adds that the details of his meetings with PIF officials remain undisclosed.

NETFLIX GAMING: Netflix is shifting its video game strategy to focus on popular titles like Pictionary, Boggle, and Tetris, which will be playable in its app on TVs using phones as controllers, The New York Times’ Nicole Sperling reported. Alain Tascan, who heads Netflix’s game division, said “The number of companies that have access to hundreds of millions of people – in our case, more than 700 million – on the main entertainment screen at home, are less numerous, and we are one of the leaders.” The report comes a day after The Verge’s Ash Parrish reported that Take-Two’s (TTWO) 2010 hit game “Red Dead Redemption,” from “Grand Theft Auto” developer Rockstar Games, will release on mobile and on Netflix’s gaming platform on December 4, 2025.

PARAMOUNT RESULTS: Earlier this week, Paramount Skydance reported downbeat Q3 earnings and revenue, with the company noting in its first quarterly print post-merger that it is investing “significantly” in its DTC business, which is its “top priority.” Revenue in the DTC business increased by 17% year-over-year, driven by a 24% increase in Paramount+ revenue, which accounts for over 80% of the company’s DTC business. Paramount+ subscribers and ARPU were similar contributors to revenue growth, with 10% and 11% year-over-year growth, respectively. DTC revenue from non-Paramount+ sources, primarily Pluto, underperformed the growth of Paramount+, primarily due to lower sell out rates.

Looking ahead, the company guided for upbeat Q4 revenue, expecting 1%-4% growth year-over-year led by strength in DTC, partially offset by declines in TV Media and Filmed Entertainment. For FY26, Paramount Skydance expects 4% revenue growth, led by a “healthy” acceleration in DTC revenue.

DISNEY RESULTS: Meanwhile, Disney (DIS) also reported quarterly results this week, with the company reported upbeat adjusted earnings for Q4, but lower-than-expected revenue. “We ended the quarter with 195.7 million Disney+ and Hulu subscriptions, an increase of 12.4 million compared to Q3, driven by higher wholesale Hulu subscriptions,” the company said. “Disney+ ended the quarter with 131.6 million subscribers, an increase of 3.8 million compared to Q3, driven by growth in both international and domestic subscribers. For fiscal 2025, Direct-to-Consumer operating income was $1.3 billion, an increase of $1.2 billion compared to fiscal 2024, driven by higher results at Disney+ and Hulu. As we look to Q1, we expect Entertainment DTC SVOD operating income of approximately $375 million.”

Looking ahead, Disney guided for “double digit” adjusted EPS growth in FY26, adding that its ESPN streaming launch “has been a real success.”

STOCK PLAYS: Other publicly traded companies in the space include FuboTV (FUBO), Fox (FOXA), Roku (ROKU), and AMC Networks (AMCX).