Warner Bros.’ Suitors All Bring Regulatory Baggage to Auction

The three bidders for Warner Brothers Discovery Inc. present a host of regulatory concerns that could delay a merger approval for a year or more, according to people familiar with the process.

Paramount Skydance Corp., Netflix Inc. and Comcast Corp. have all made offers for all or part of the New York-based entertainment giant. While similar regulatory concerns hang over all three bids, each also faces unique issues. The companies involved will likely come ready with explanations for why their proposals should get approved.

Which partner Warner Bros. picks will impact the regulatory process. The issues vary for each ...