Paramount, Comcast and Netflix Submit Bids for Warner Bros. Discovery

Overview

• Paramount is the only suitor seeking to buy the entire company, while Comcast and Netflix are targeting the studios and streaming operations, according to trade reports.
• The new bids follow multiple Paramount offers that were previously rejected, including proposals up to about $23.50–$24 per share.
• Warner Bros. Discovery has indicated it may sell Warner Bros. (HBO Max and the studios) separately from its cable-focused Discovery Global as part of an ongoing plan to split into two companies by April 2026.
• Hollywood Reporter said this first round is non-binding and was due by Thursday at midday, with the situation expected to evolve in the coming weeks.
• The Guardian reported that Larry Ellison discussed potential CNN changes with White House officials, and FCC chair Brendan Carr has said an Ellison-backed acquisition would likely not require FCC review.