Warner Bros. Discovery has asked all three bidders to submit improved offers by December 1, 2025, after reviewing first-round proposals that fell short of expectations, according to people familiar with the matter.
According to Bloomberg, the entertainment giant is running a formal auction for some or all of its assets and may enter exclusive negotiations with one party shortly after the new deadline, potentially leading to a deal announcement before year-end.
WBD simultaneously continues to prepare a previously announced split into two companies by mid-2026 if no acceptable sale emerges.
The process follows months of speculation about consolidation in the media industry, with WBD shares trading well below their post-merger highs amid declining linear TV revenue and heavy debt. A successful sale could value the company at a significant premium to its current market capitalization of roughly $20 billion.