Overview
- Nonbinding proposals were delivered by the Nov. 20 deadline, kicking off WBD’s formal review of offers for all or parts of the company.
- Paramount Skydance is seeking to acquire the entire enterprise, while Netflix and Comcast are focused on the Warner Bros. studio and streaming operations.
- WBD previously rejected a roughly $23.50-per-share approach and is viewed as seeking closer to $30, highlighting a material valuation gap that could drive further bidding rounds.
- The board aims to assess the initial bids before Thanksgiving and target a late-December decision on whether to pursue a sale or proceed with the planned 2026 split.
- Regulatory and political scrutiny is intensifying, with lawmakers flagging antitrust concerns, and Netflix has told WBD it would keep Warner films in theaters if its offer prevails.