Paramount Global (NASDAQ:PARA), Comcast Corporation (NASDAQ:CMCSA, XETRA:CTP2), and Netflix Inc (NASDAQ:NFLX, XETRA:NFC) have submitted nonbinding bids to acquire all or parts of Warner Bros Discovery Inc (NASDAQ:WBD, XETRA:J5A), according to people familiar with the matter.
Paramount is seeking to acquire the entire company, including cable networks such as CNN, TBS, and HBO Max/Discovery+, along with Warner Bros.’ film and TV studios.
Its bid reportedly exceeds $60 billion and is backed by Larry Ellison. Paramount previously offered $23.50 per share for all of WBD’s assets, which the company rejected.
Comcast and Netflix are focused on acquiring only the studios and streaming businesses, including Warner Bros. film and TV studios and HBO Max.
If successful, WBD’s remaining cable networks could be spun off or sold separately.
Netflix’s offer is described as “disciplined” and emphasizes streaming and studio assets, while Comcast’s bid would complement its existing NBCUniversal operations.
The bids come as Warner Bros Discovery plans to split into two companies in 2026, one for studios and streaming, and another for traditional cable networks.
CEO David Zaslav and the board began a formal sale process following interest from Paramount Skydance.
Warner Bros Discovery is targeting a sale announcement by mid- to late-December, with the process expected to conclude by the end of 2025 or early 2026. Regulatory review in the US and Europe is expected.
The company’s stock has risen more than 20% since the sale process was announced in October, trading around $23.40 per share on Friday morning.
Representatives for Warner Bros Discovery, Paramount, Netflix, and Comcast declined to comment.