Warner Bros. Discovery faces a pivotal deadline today as preliminary non-binding bids for all or parts of the company are due by the end of the day, with the board aiming to select a winning bidder or confirm a corporate split before Christmas.
Three major players have emerged as frontrunners in the auction:
- Paramount Skydance, led by David Ellison, is bidding for the entire company at around $23.50 per share (approximately $58 billion total), though the board is holding out for closer to $30 per share (~$74 billion). Ellison is reportedly in talks with Gulf sovereign funds for financing.
- Comcast/NBCUniversal is preparing an offer focused on the Warner Bros. studio and Max streaming service but wants to avoid the declining linear cable networks and CNN.
- Netflix is also targeting the studio and Max, though co-CEOs previously called a full-company bid “unlikely.”
Shares of WBD have roughly doubled since takeover speculation began in September, recently trading around $23.70.
The outcome of today’s bid deadline will determine whether a sale occurs or the company moves forward with the breakup, reshaping the future of one of Hollywood’s largest media conglomerates.