When your media empire is crumbling and customers are fleeing your cable business for streaming services, what's the logical move? Go all-in on an acquisition that might get blocked by regulators, apparently.

Comcast Corp (CMCSA) CEO Brian Roberts is making exactly that bet as he enters the second round of bidding for Warner Bros. Discovery Inc (WBD). According to sources who spoke with the New York Post, Roberts is eyeing a bid that could hit $27 to $28 per share for Warner Bros. Discovery's studio and streaming assets. That's a meaningful premium over Paramount Skydance Corp's (PSKY) roughly $25 per share, $60 billion offer for the entire company. It would also likely exceed Netflix Inc's (NFLX) first-round proposal for the same assets.

The stakes here are high. Warner Bros. Discovery stock has jumped 126% year-to-date, fueled by the strategic review process that kicked off after the board received unsolicited interest from multiple parties. The board is considering everything from a full sale to carving up the company into separate deals—one for Global Networks assets like CNN, TNT, and Discovery Channel, and another for the Streaming & Studios division.

Initial nonbinding bids were due November 20, with the entire auction targeted for completion by year-end. The company is already restructuring into two distinct businesses, and has clarified that CEO David Zaslav's change-in-control contract terms won't block any internal moves needed to pursue strategic alternatives.

For Roberts, this is about survival. He's targeting Warner Bros. Discovery's top-ranked Hollywood studio and HBO Max to prop up Comcast's lagging Peacock streamer and shrinking cable business. The urgency is real: Comcast stock has plummeted over 29% year-to-date as cord-cutters abandon traditional cable for streaming services and fiber or 5G home internet plans from AT&T, Verizon Communications, and T-Mobile US. Analysts are warning that Comcast risks losing relevance entirely if it fails to land Warner Bros. Discovery.

But here's the catch—Roberts is likely staring down a brutal antitrust fight with the Trump administration. Despite the expected regulatory pushback, he appears ready to duke it out in court to get the deal approved. That's a significant gamble compared to his competitors.

Paramount Skydance, backed by the Ellison family and RedBird Capital Partners, remains the favored bidder given its proposal for all of Warner Bros. Discovery and the perception of fewer regulatory hurdles. Netflix continues pitching that its acquisition would face lighter regulatory scrutiny as well.

As the December 1 deadline for second-round bids approaches, the Warner Bros. Discovery board faces a choice: take Comcast's potentially higher offer with all its regulatory complications, or opt for a cleaner full-company sale to Ellison that might close faster and with less drama.

Price Action: At publication Friday, Comcast stock traded 0.094% higher at $26.82, while Warner Bros. Discovery stock climbed 0.65% to $24.04.