As Warner Bros. goes up for sale, Disney provided its official take on a potential DC purchase. Just a handful of years after the Warner Bros. and Discovery merger, the Hollywood studio is reportedly back on the market. Several bidders have emerged, throwing their hat in the ring for the DC Studios parent company, with Paramount and Netflix seemingly being the two leading candidates.
All this uncertainty surrounding the brand has prompted some to wonder if Disney would ever get in on the action, making a play for Warner and its IP (including its comic book properties). However, the House of Mouse, at least publicly, does not appear to be interested.
Speaking during the company's Q4 2025 earnings call, Disney CFO Hugh Johnston was asked about the studio's potential acquisition strategy amid rumors of a Warner Bros. sale. Johnston replied, "We actually feel like we've got a great portfolio, and we don't need to do anything:"
Q: "You've grown content via both building and buying, and clearly we're going to see M&A in media in the coming year with a lot of moving pieces across the industry, some companies being broken up. So, I'm just wondering, do you see any Page 16 Q4 FY25 Earnings Conference Call November 13, 2025 role for Disney, and if not, any concern that you'll see a stronger competitor coming out of all of this?"
A: "On M&A, a couple things. Number one, obviously, we don't comment on M&A specifically. That said, with what's happening in the industry right now, Bob and the team really built the IP portfolio that we have over the last decade, whether it was the Fox acquisition or Lucas or Pixar. So we actually feel like we've got a great portfolio, and we don't need to do anything."
"I think we'll let this play out," the Disney executive added, "In terms of other competitors, we'll see how the various moves play out:"
"From that perspective, I think we'll let this play out. In terms of other competitors, we'll see how the various moves play out, but we like the hand that we have right now. So, I wouldn't expect us to participate in making any significant moves."
This essentially counts the studio out of the Warner Bros. sweepstakes, downplaying the odds of any potential Marvel/DC mega-universe that a Disney acquisition of Warner could yield.
According to those with knowledge of the subject, Paramount-Skydance currently has the winning bid for Warner Bros. purchase. A deadline has reportedly been set for potential buyers to get their offers in by Friday, November 28.
Why Would Disney Get Involved in the Warner Bros. Sale?
While it appears that Disney will be sitting out on the Warner Bros. sale, that will not stop fans from begging the studio to consider buying WB (and, in turn, DC).
A DC purchase would be massive for the House of Mouse. The studio has dominated the comic book movie space since the late 2000s, thanks to its purchase of Marvel and work within the MCU.
Now, nearly 15 years after acquiring Marvel, it faces real competition in the newly launched DCU. James Gunn's new on-screen canon is off to a great start, amid widespread questions about the MCU's future. If there were a time to do something bold, now would be it.
Picking up DC and bringing it under the Disney umbrella would shake the comic book movie genre to its core. However, the Marvel parent company seems content with the red brand.
If anything, there are still some Marvel-based properties out there that Disney would be much more likely to make a play for, rather than getting into the business of making DC movies. Massive characters like Spider-Man and the Hulk still have their movie rights tied up at other studios.
Disney swiping the card for either of those feels like a more logical move than going out and straight-up buying the competition.
