Since the end of October, Warner Bros Discovery has been in search of buyers, with everyone from Paramount to Netflix bidding for the company. One of the companies that reportedly isn’t bidding for Warner Bros. Discovery is Disney. In a recent Q4 2025 earnings call, Disney CFO Hugh Johnston addressed the rumor that Disney could make a bid to buy Warner Bros. Here’s his full (unofficial) comment:

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. 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.

Johnston’s comments make sense, considering Disney already owns a multitude of IPs, including Pixar, Marvel, Lucasfilm, and 20th Century Studios. It also makes sense, considering many of Warner Bros.’ IPs, such as Looney Tunes and DC, are direct competitors to Disney’s IPs, including Marvel and their animation division.

As of November 25th, bids are still being made over Warner Bros Discovery.