Comcast CEO Brian Roberts Visits Saudi Arabia Amid Acquisition Talks

Brian Roberts, the CEO of Comcast, recently made a trip to Saudi Arabia as the company considers a possible bid for Warner Bros. Discovery (WBD), according to insights from a reliable source.

During his time in the region, Roberts engaged with representatives from the Saudi Arabian Public Investment Fund, known for its substantial financial influence. This development was highlighted by Pac News on Tuesday.

Coincidentally, his visit aligned with a notable dinner event organized by the Simon Wiesenthal Center on October 30, celebrating David Zaslav, the WBD CEO, for his efforts against anti-Semitism.

Interestingly, President Trump has shown support for the rival bidder, Paramount Skydance, while Roberts has been vocal about his interest in acquiring WBD.

Zaslav aims to ignite a competitive bidding situation for his company, convinced that there is significant interest from major corporations.

The dinner in Los Angeles drew several potential bidders, including David Ellison from Paramount Skydance and Netflix’s Ted Sarandos.

Roberts’ absence from the event sparked speculation that he might have been seeking backing from Saudi Arabia’s Public Investment Fund, which manages nearly $1 trillion in assets.

While in Saudi Arabia, Roberts met with two executives from the fund, although details of those discussions remain unclear. He also participated in an annual gathering of influential business leaders hosted by Crown Prince Mohammed bin Salman, alongside other American CEOs.

In addition, he took the opportunity to visit Qiddiya, where a new “megacity of fun” is under development, featuring attractions like a Six Flags amusement park and a “Dragon Ball Z”-themed park.

Those involved in the city’s development expressed interest in including a Universal theme park, but plans are still in the early stages.

Last week, David Ellison, his well-known father Larry Ellison, and Paramount Skydance director Jerry Cardinal also visited Saudi Arabia, although the purpose of their trip remains uncertain and they reportedly did not meet with any Saudi nationals.

Zaslav believes that Warner Bros. Discovery could be valued at up to $70 billion, or about $30 per share, which is a notable increase compared to a previously rejected offer from Paramount Skydance of $24 per share.

Goldman Sachs and Morgan Stanley are advising Comcast in its potential acquisition of WBD. Recent reports indicate that Roberts met with Zaslav last week.

While Comcast seems inclined to place a bid, gaining financial backing will likely be essential for executing such a significant purchase, especially given that the company is valued at around $100 billion.

As Roberts builds a rapport with President Trump, Comcast simultaneously distances itself from the right-leaning CNBC, which has become a separate entity, aiming to appeal to the left by highlighting its financial contributions to Trump’s initiatives.

It’s worth mentioning that any collaboration with Saudi Arabia—whether related to the WBD acquisition or the Qiddiya project—could face challenges in the media landscape, particularly considering the troubling history of violence against journalists, including the case of Jamal Khashoggi.

Moreover, partnerships involving Saudi entities may attract scrutiny from U.S. regulators.

Comcast has been approached for a statement regarding these developments.