Warner Bros Discovery has received a second round of bids as the sale process moves into its final stages.
Bankers for Paramount Skydance, Comcast and Netflix are said to have worked over the weekend on strengthened proposals, with binding bids now in front of the Warner Bros Discovery board. While the offers have not been described as final, their binding status gives directors scope to approve a deal quickly if terms are met.
The latest round follows an earlier phase in which Warner Bros Discovery rejected a mostly cash proposal from Paramount valued at nearly $24 a share – around $60 billion – and formally put itself in play by announcing a strategic review for its studio and streaming assets, including HBO and Max.
Any deal would come against the backdrop of rapid consolidation in US media. The $8.4 billion merger of Skydance Media and Paramount Global, which closed in August, has already reshaped the studio landscape, and regulators are expected to scrutinise any Warner Bros Discovery transaction closely – particularly a tie-up with Netflix that would combine HBO’s premium TV portfolio with the world’s largest subscription streaming service.
Warner Bros Discovery, which in June set out plans to split into a studio-and-streaming business and a separate cable-focused unit by next year, has declined to comment on the auction process. Netflix and the other bidders have also declined to comment publicly on their offers.
