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First, it was the golf. Then it was the boxing. Then they tried their hand at a comedy festival. Now, it looks like Saudi Arabia is in for movies as well. The Saudi Public Investment Fund (PIF) is exploring a partnership with Universal owner Comcast to bid for Warner Bros. Discovery.
Puck News reported it first, picking up on some rumblings in the markets and the news that Comcast CEO Brian Roberts travelled to Saudi Arabia recently. When he was there, he spoke with them about a huge entertainment-focused development zone, which is expected to host a Universal theme park.
Out of these meetings has come a rumored suggestion that an all-cash formal offer will be made.
“Nice movie studio… I buy it!”
Saudi-backed Comcast would unleash a full bidding war, with Paramount Global/Skydance in first, and rumors of Netflix interest.
A report in The Wrap quoted cinema owners who stated that Netflix buying Warner Bros. would be a worst-case scenario as they worry about Warner IP going streaming first.
Saudi PIF already owns a stake in the consortium that bought EA in September. The Saudi ruler is determined to modernise in his country, with the single largest single sporting event on the planet, the football World Cup, coming in 2034, and a tourist hub being developed served by Riyadh Air.
Preliminary bids for Warner Bros. Discovery are due by Thursday, November 20th.
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