Saudi Arabia’s Sovereign Wealth Fund Pursues Warner Bros. Acquisition

Saudi Arabia’s Public Investment Fund is reportedly preparing to join forces with Comcast in a major bid for Warner Bros. Discovery, potentially shaking up one of the biggest media acquisitions in years. Sources say the sovereign wealth fund is considering an all-cash offer, which would significantly increase competition in the ongoing race to buy the studio.

Comcast CEO Brian Roberts recently visited Saudi Arabia, meeting with PIF officials and touring the Qiddiya entertainment megacity.

This visit highlighted the potential benefits of a Saudi-US partnership, particularly for Warner Bros.’ vast content library, which includes DC Comics and Harry Potter franchises. According to reports, Comcast has already hired advisers like Goldman Sachs and Morgan Stanley and accessed WBD’s data-room to prepare for a possible bid.

Warner Bros. Discovery CEO David Zaslav is reportedly positioning the company for a sale with a valuation that could reach $70 billion, well above offers from other suitors such as Paramount Global and Skydance Media. For PIF, investing in WBD aligns with its broader entertainment ambitions.

The fund has backed global media platforms and aims to strengthen Saudi Arabia’s entertainment and infrastructure projects under Vision 2030. WBD’s content could also support the planned Universal theme park in Qiddiya.

Although none of the parties have officially confirmed the talks, industry insiders say PIF’s entry is likely to raise the stakes. Non-binding offers for WBD are expected soon, with preliminary bids due by November 20. Analysts note that a Saudi-backed bid would face U.S. regulatory scrutiny over media independence, competition, and human-rights concerns. Meanwhile, WBD’s internal restructuring, set to split studios and networks by mid-2026, could make approval of a focused acquisition easier.

Whether PIF will fully back the bid or act as a strategic partner is still unclear. However, the involvement of the Saudi sovereign fund shifts the dynamics of the deal, signaling a potential Saudi-US media alliance in one of the largest content-industry acquisitions ever.

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