Saudi Arabia’s Public Investment Fund Makes Move to Acquire Warner Bros.

Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), is reportedly exploring a partnership with Comcast to make a major all-cash bid for Warner Bros. Discovery (WBD), according to industry sources. The move could significantly shake up the ongoing race to acquire the studio.

Reports say that Comcast CEO Brian Roberts recently traveled to Saudi Arabia, where he met with PIF officials and toured the Qiddiya entertainment megacity.

The visit highlighted the potential benefits of a Saudi-US collaboration for WBD’s vast content library, which includes DC, Harry Potter, and other high-profile franchises.

Comcast has formally retained advisors, including Goldman Sachs and Morgan Stanley, and has gained access to WBD’s data room, suggesting that serious preparations are underway for a possible offer. WBD CEO David Zaslav is reportedly seeking a valuation of up to $70 billion, far above the $24-per-share bid from Paramount Global and Skydance Media.

For PIF, the deal would fit neatly into its larger entertainment ambitions. The fund has invested heavily in global media and is pushing Saudi Arabia’s Vision 2030 strategy, which aims to develop major entertainment destinations and infrastructure. Having access to WBD’s content would also support planned Universal theme-park developments at Qiddiya.

While no official statements have been made, sources suggest that preliminary non-binding bids are expected by Thursday, November 20. Observers note that PIF’s involvement could raise the stakes and set a new standard for global media acquisitions.

A Saudi-backed bid could face scrutiny in the United States, with regulators likely to examine issues related to competition, media independence, and human rights. WBD is also undergoing internal restructuring, intended to separate its studios and networks by mid-2026, which could make approval for a streamlined acquisition easier.

It remains unclear whether PIF would provide full financial backing or act as a strategic partner. However, the possibility of a Saudi-US alliance in one of the largest media deals in history has now become a central storyline in the WBD sale process.

This potential partnership shows how global media deals are becoming increasingly complex, with sovereign funds playing a bigger role. It will be interesting to see whether this bid moves forward and how it changes the landscape for major studios. What do you think about a Saudi-US bid for Warner Bros.? Share your thoughts in the comments.