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The Brian Roberts–WBD Bull Case

A new analyst note highlights a heightened sense around Wall Street that Comcast co-C.E.O. Brian Roberts doesn’t merely want WBD, but also truly needs the company—and has a real shot at the asset.

Brian Roberts
Roberts doesn’t want NBCU to become the orphaned company in the streaming wars, which could very well happen if the Ellisons succeed in getting WBD and combine Paramount+ and HBO Max into a streaming giant with more than 200 million subscribers. Photo: Drew Angerer/Getty Images
William D. Cohan
October 29, 2025

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Brian Roberts, the Comcast co-C.E.O. and chairman, has long been the consummate deal guy—building the company into a $100 billion behemoth through all kinds of inventive and transformative M&A. Some 25 years ago, I worked on the team that advised Brian on his $72 billion acquisition of AT&T Broadband. He later bought NBCU from GE for around $30 billion—the steal of the century—and picked up Sky for around $40 billion.