Warner Bros. Discovery has asked the three bidders — Paramount Skydance, Comcast, and Netflix — to submit improved second-round offers by today, as the company pushes for a higher price in its ongoing auction process.
The company wants to move quickly toward a potential sale or breakup by year-end. Initial non-binding bids came in around November 20 from all three parties, with Paramount Skydance bidding for the entire company (including cable networks and CNN), while Comcast and Netflix focused primarily on the studio and streaming assets (Warner Bros., HBO, Max, and the film/TV library).
Comcast is reportedly preparing a significantly stronger second bid, while Netflix’s interest centers on acquiring iconic libraries (DC, Harry Potter, horror brands) rather than theatrical operations.
WBD’s stock has risen roughly 83% since sale rumors began in September, closing near $23 on November 26. CEO David Zaslav’s contract was recently amended to protect his payout in any change-of-control scenario.
The board wants to review revised bids immediately after December 1 and could enter exclusive negotiations with one bidder before the end of 2025, potentially scrapping earlier plans to split the company into separate studio/streaming and cable entities.