WB has always been the most logical. I don't think Warren was hinting he knew anything. Just playing along. There's no secret that Microsoft and ATT keep talking. If a deal was done, it would be announced within a day. Two public companies couldn't hold a multi-billion dollar agreement a secret for weeks for legal reasons. Different than when Microsoft had an LOI with Ninja Theory and could keep it hidden. Ninja Theory was a private company with a small price tag. Last year they didn't get anything done due to issues with IP. Microsoft needs to guarantee rights to IP to make sure it doesn't have to come out of Game Pass down the road (see Forza Motorsport as a recent example). If they took over WB, they want to know that Gotham Knights, Hogwarts, Lego Star Wars....these games could release Day 1 on Game Pass and stay there forever. Going forward, my bet is they want exclusive rights to the Batman IP and full control of MK.
Outside of licensing complications, this is a deal that makes sense for both sides. ATT is in debt and wants to streamline its business focus. Discovery isn't all in on gaming as evidence that they've put a few of the studios, including NR and TT games, up for sale. There's uncertainty hanging over WB studios that have been pulled in multiple directions. Rocksteady will be nearly a decade between games after starting off as a decently efficient studio due to having the rug pulled out from under them with canceled projects and this pivot from upper management for their studios to start nudging away from single-player, one and done games towards GAAS. They've been public about that.
Meanwhile, WB fills a lot of holes for Microsoft. Say what you want about TT Games being one-note with only Lego games but they've shown they're efficient, have decent writing, art, and technical skills for what they're trying to accomplish. I could see a studio like that doing a good job with a license like Banjo. Avalanche is versatile. They've also made kids games and recently shown technical chops with Hogwarts. Mortal Kombat puts Xbox back on the map with fighting games while keeping them from getting shut out of the genre (and Sony is very close to doing that to them). WB has 3 studios capable of 3rd person, narrative-driven, action-adventure games. Monolith had a nice history of versatility with Condemned, FEAR, and Shadow of Mordor. They also have technical expertise in terms of innovating AI. If they can get exclusive videogame rights to Batman, solves that mainstream pop-culture face they lack.
Of all the rumors, WB is the one who really needs to be bought by someone else for the good of their studios. Could be a win-win for everyone...with the exception of some console warriors.