Warner Bros. Discovery Receives Preliminary Bids From Paramount, Comcast and Netflix

Overview

• Multiple suitors submitted early proposals targeting different configurations of the company, from the whole group to the studio and streaming assets.
• Paramount is pursuing an offer for the entire company, with support from controlling shareholder Larry Ellison and outreach to partners such as RedBird and sovereign funds.
• Comcast is focused on Warner’s film and TV studios and HBO, a combination that Comscore estimates would push the merged studios’ U.S. box-office share above 43%.
• Netflix is courting the studio and streaming businesses to gain Warner’s library and major franchises, and its proposal reportedly includes continued theatrical releases of Warner films.
• The board has already rejected an all-cash offer near $24 per share and is evaluating strategic options as talks remain early and any deal would require federal approval.