Warner Bros. Discovery Inc. has entered a pivotal stage in its formal sales process, receiving a second round of binding bids from multiple major media players, including a mostly cash offer from Netflix Inc, reported Bloomberg.
The auction, which began after the company publicly put itself up for sale in October, could conclude within days or weeks, according to the report.
The heightened interest underscores a rapidly consolidating entertainment landscape, where streaming giants and legacy studios are maneuvering to secure valuable content libraries, film assets, and global distribution capabilities.
Netflix, Paramount Skydance, and Comcast submit improved offers
Bankers representing Paramount Skydance Corp., Comcast Corp., and Netflix spent the long US Thanksgiving weekend refining their bids for all or portions of Warner Bros. Discovery.
According to a report citing individuals close to the discussions, Paramount’s offer—largely backed by the family of Oracle co-founder Larry Ellison—also includes debt financing from Apollo Global Management and participation from Middle Eastern investment funds.
While the offers are binding, giving Warner Bros. Discovery’s board the ability to sign off quickly if the desired terms are met, they have not been labeled as final.
A more attractive proposal would still be considered, the report added.
Netflix, the world’s largest streaming provider, is said to be preparing a bridge loan worth tens of billions of dollars to bolster its position.
Both Netflix and Comcast are specifically targeting the Warner Bros. film studios and the HBO Max streaming business, rather than the company in its entirety.
Valuation tension as Warner Bros. seeks $30 per share
Warner Bros. Discovery is reportedly seeking a price of $30 per share—an amount that chair emeritus John Malone has described as “possible.”
The stock closed Monday at $23.87 in New York, valuing the company’s equity at roughly $59 billion.
The board previously rejected a mostly cash bid from Paramount that approached $24 per share, a move that prompted Warner Bros. to publicly confirm it was evaluating strategic alternatives.
Last week, bidders were asked to submit improved terms by December 1, following initial proposals from Paramount Skydance, Comcast, and Netflix.
The sale process followed multiple unsolicited offers for all or parts of the company earlier this year.
Paramount, now led by David Ellison after its merger with Skydance, had already made three complete buyout offers, including Warner Bros.’ cable network assets.
Potential spinoff and broader industry implications
If Comcast or Netflix succeeds in acquiring the studio and streaming segments, Warner Bros. Discovery is expected to continue with an existing plan to spin off its cable channels into a separate entity, Discovery Global, as soon as mid-2025.
The move aligns with the company’s June announcement to divide itself into studio-centric and cable-focused units, separating its growing streaming operations from declining linear television businesses.
Any deal involving Warner Bros. Discovery would represent one of the most significant shifts in the media sector since the $8.4 billion Skydance–Paramount merger.
That transaction intensified political scrutiny and raised concerns among shareholders about market concentration and the future structure of the entertainment industry.
With binding bids in hand and negotiations advancing rapidly, Warner Bros. Discovery’s board may soon decide whether to move forward with a sale that could reshape the competitive balance among Hollywood’s largest players.
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