Here’s an interesting rumour: Sony might be looking to pick up HBO Max from Warner Bros. Discovery, along with some of its gaming IP.
This story requires some context, starting with the fact that Warner Bros. Discovery, which has been facing some financial troubles the last few years, has announced a restructuring, which includes splitting into two separate companies. If that sounds familiar, it’s because Ubisoft is also doing some very similar.
The split will be completed by mid-2026, with the newly formed “Streaming & Studios” being composed of Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, HBO, HBO Max, and notably, the WB Games division.
As part of the split the company also announced that it intends on releasing less games overall and focus more on its core IP of Harry Potter, DC, Game of Thrones and Mortal Kombat.
Of course, we already know that Hogwarts Legacy 2 is in development, while a new Game of Thrones RTS was just revealed. There’s also rumours that Netherealm might be working on Injustice 3.
But where does Sony come into the picture? Well, according sescoops.com, “Sony is considering a purchase of the newly announced WBD Streaming and Studios company.”
Interestingly, sescoops.com is a wrestling-focused website, so not a source normally worth considering. However, sescoops.com covers All Elite Wrestling (AEW) which is broadcast by Warner Bros. Discovery. sescoops.com has a proven track record when it comes to insider AEW information, so it is possible the website’s sources also have the inside track on Warner Bros. Discovery.
“Sources said Sony was only interested acquiring WBD’s streaming, studio and gaming assets if they were separated from its cable networks, which have lost millions of homes as viewers abandon traditional cable packages,” says sescoops.com.
Sony has made some movies towards becoming a larger multimedia company in the past few years. It also showed interested in acquiring Fox before Disney snatched the company up, and was in talks to buy Paramount at one point as well.
It’s a very interesting story, but for now I’m inclined to say there isn’t much to it. The source isn’t the strongest, and I don’t think Sony would be looking to spend the amount of money it would take to buy out Warner Bros. Discovery’s new company. We’re talking thousands of employees, multiple game studios, a streaming service and more, all of which could command a huge price. Right now, Warner Bros. Discovery holds a market cap of $26 billion. The new streaming company isn’t going to be tied down by as much debt (Warner Bros. is keeping most of it with the second company) and will likely hit the market with a strong value of its own, one potentially much higher than WBDs current market cap.
Sony, meanwhile, currently has about $24 billion in cash. Of course, cash isn’t everything and Sony could bring far more money to bear if needed, but the point is buying this new company would be a monumentally huge move for Sony, and one I can’t imagine them willing to risk. Nor does such an acquisition fit into their usual strategy.