Overview
- First-round, non-binding offers are being readied with a Nov. 20 target, according to the Wall Street Journal, with WBD aiming to wrap the process by year’s end.
- Paramount is pursuing an acquisition of the entire company, which would include TNT Sports and other cable networks.
- Comcast and Netflix are exploring bids limited to the streaming-and-studios business, consistent with WBD’s plan to separate those assets from legacy cable in 2026.
- Semafor reports Paramount’s most recent unsolicited proposal was $23.50 per share with a cash-heavy structure.
- Semafor also reports that Comcast insiders see fewer antitrust issues for a narrowed HBO-and-studios deal, while any Netflix offer would likely face significant global scrutiny.