Paramount, Comcast, and Netflix Submit Bids for Warner Bros. Discovery

Warner Bros. Discovery has received preliminary acquisition bids from Paramount Skydance, Comcast, and Netflix, according to sources familiar with the matter. This development initiates a potential sale process for the media conglomerate, which encompasses assets such as HBO, CNN, and the Warner Bros. film and television studios.

Paramount Skydance, led by CEO David Ellison and backed by Oracle co-founder Larry Ellison, is reportedly seeking to acquire the entire Warner Bros. Discovery portfolio. This includes the company's cable television networks. Previous offers from Paramount, including a mostly cash bid of nearly $24 per share, were rejected by Warner Bros. Discovery's board.

Comcast and Netflix are primarily interested in Warner Bros. Discovery's film and television studios and the HBO Max streaming service. Their bids do not encompass the company's cable network holdings, which include CNN, TNT, and the Discovery Channel.

The initial deadline for non-binding first-round bids was November 20, with Warner Bros. Discovery aiming to complete the auction process by the end of the year. The company's board is expected to evaluate the offers and determine the next steps in the coming weeks.

Representatives for Warner Bros. Discovery, Comcast, and Netflix did not immediately respond to requests for comment. Paramount Skydance declined to comment on the matter.