Warner Bros. Discovery Bids: Paramount, Comcast, Netflix Compete

Warner Bros. Discovery, the powerhouse behind Warner Bros., HBO, HBO Max, CNN, TBS, HGTV, and more, is currently weighing its options on whether or not to sell all or part of the company. The media conglomerate is now in the process of reviewing multiple acquisition offers, with first-round bids from Paramount Skydance, Comcast, and Netflix. These initial offers were due on Thursday, November 20th, and it looks like Paramount Skydance, Comcast, and Netflix did indeed submit their preliminary bids by the noon ET deadline. While there may have been other interested parties, details on other potential bidders have not been disclosed.

Participants in the bidding process were required to sign nondisclosure agreements, which is standard practice for deals of this nature. Both Paramount Skydance, Netflix, and Comcast declined to comment, as did Warner Bros. Discovery. Last month, Warner Bros. Discovery revealed that it had received interest from various parties and initiated a process to review the offers. The company’s board plans to assess the initial bids before Thanksgiving and aims to make a decision on the path forward before the end of 2025.

David Ellison, who recently established Paramount Skydance, was reported to have submitted bids for Warner Bros. Discovery in its entirety. In October, the Warner Bros. Discovery board turned down his offer of $23.50 per share, which included 80% cash and 20% stock, along with a proposal for David Zaslav to become the co-chairman and co-CEO of the merged entity. A bid from Paramount Skydance this week is said to be in line with Ellison’s previous offer and is fully supported by the Ellison family, which includes tech mogul Larry Ellison and RedBird Capital.