Overview
- Warner Bros. Discovery has asked interested buyers to submit nonbinding first bids by Nov. 20, with the board expected to review offers before Thanksgiving and target a year-end decision, according to Variety.
- Paramount Skydance called a Variety report of a $71 billion offer backed by Saudi, Qatari and Abu Dhabi sovereign funds "categorically inaccurate" and said it will not comment further during the confidential process.
- Netflix and Comcast are evaluating bids focused on Warner Bros.’ studios and HBO Max, with Variety noting that any Netflix proposal would likely use stock and could draw antitrust scrutiny.
- Comcast shares are depressed and the company is said to be scouting outside financing; co-CEO Brian Roberts recently traveled to Saudi Arabia and visited Qiddiya, though it is unknown if he sought deal backing.
- WBD previously rejected a $23.50-per-share offer linked to David Ellison, and the company could still pursue a split of its streaming/studio assets from its TV networks if it deems the bids insufficient.