Saudi Arabia’s Public Investment Fund (PIF) has surfaced as a leading contender in the takeover race for Warner Bros. Discovery (WBD), according to persons familiar with the discussions.

The move comes as the studio, whose assets include HBO, DC Comics and the Warner Bros. film library, positions itself for sale with a price tag reported at roughly seventy billion dollars.

Preliminary talks reveal that PIF has engaged with Paramount Skydance chief executive David Ellison and related Gulf-region investors about potential backing for the bid although Paramount has publicly denied forming a consortium with Middle Eastern sovereign funds.

PIF’s entry into the bidding intensifies the race, which already features major U.S. media companies and streaming platforms.

Analysts say the proposed Saudi participation underscores Riyadh’s growing strategic interest in entertainment and content production as part of its national diversification agenda.

A successful bid would mark a landmark shift in global media ownership, bringing Gulf capital into one of Hollywood’s most valuable studios.

Key obstacles remain.

Any acquisition of WBD involving Saudi backing would require regulatory review in the United States, including scrutiny of foreign ownership of American media platforms.

The sale process is active, with WBD reportedly expecting non-binding offers by mid-November and potential binding bids by year end.

While the exact structure and scale of Saudi involvement remain undecided, the presence of PIF in the auction signals that Gulf investment is no longer on the periphery of major Hollywood deals—it may now be central.

The coming weeks will determine whether the Kingdom becomes a major shareholder in U.S. entertainment or remains a financier behind the scenes.