Overview
- Paramount Skydance, Comcast and Netflix submitted nonbinding offers by the Nov. 20 deadline for all or parts of WBD, according to multiple reports and sources.
- Paramount is the only suitor seeking the entire company, after earlier bids up to about $23.50 per share were rejected, with new offers expected to be higher per reporting.
- Comcast and Netflix focused their proposals on acquiring the Warner Bros. studios and HBO/HBO Max, excluding WBD’s linear cable networks.
- WBD is running the sale alongside its previously announced plan to split into two companies by 2026, and it could still pursue the separation if bids fall short.
- Regulatory and political hurdles loom over any deal, with reporting indicating a potentially easier path for Paramount and heightened scrutiny for Comcast or Netflix; Netflix has also indicated it would preserve theatrical releases for Warner Bros. films.