Warner Bros. Discovery has entered a fresh stage in its sale process, with Netflix Inc (NASDAQ:NFLX, XETRA:NFC), Paramount Skydance and Comcast Corporation (NASDAQ:CMCSA, XETRA:CTP2) all submitting updated bids after spending the US Thanksgiving weekend sharpening their offers.
People close to the talks say Netflix has put forward a proposal that is mostly cash, supported by a large bridge loan worth tens of billions of dollars.
Paramount’s bid is backed by the Ellison family, with additional financing from Apollo and investment funds in the Middle East. All of the offers on the table are said to be binding, meaning Warner Bros.’ board could move quickly if one meets its expectations.
Even so, advisers have not ruled out entertaining new proposals if they improve on existing terms.
Warner Bros. is reportedly seeking around $30 a share, a price that chair emeritus John Malone has described as achievable. The stock finished Monday at $23.87, valuing the group at roughly $59 billion.
The company, home to HBO, CNN and its famous film studio, formally put itself up for sale in October after receiving unsolicited interest.
Netflix and Comcast are focused on acquiring the studio and HBO Max, while Paramount has made multiple offers for the entire business.
If a partial sale goes through, Warner Bros. is expected to proceed with plans to spin off its cable networks as Discovery Global by mid-2026.