Overview
- Netflix delivered a mostly cash bid focused on Warner Bros. studios and HBO/Max, and is pitching the combination as pro‑consumer to address regulatory concerns, according to sources cited by Reuters.
- Comcast submitted a revised cash‑and‑stock proposal to fold Warner into NBCUniversal, seeking control of a combined entity and positioning HBO/Max to bolster Peacock, according to people familiar with the talks.
- Warner Bros. Discovery received a second round of binding offers over the Thanksgiving weekend from Netflix, Comcast and Paramount/Skydance, giving the board latitude to approve a deal quickly while talks continue.
- Warner’s plan to separate its cable networks into a new company called Discovery Global by mid‑2026 remains a key option that could enable a sale focused on studios and streaming; reports say Comcast is exploring a similar spin of cable channels into a firm called Versant in early 2026.
- Paramount/Skydance previously made a nearly $24‑per‑share, mostly cash offer valuing Warner around $60 billion that the board rejected, and the company resubmitted interest in the latest round.