Overview
- First-round, nonbinding offers are due Nov. 20 in Warner Bros. Discovery’s strategic review, with the board expected to meet before Thanksgiving.
- Paramount Skydance is uniquely pursuing a full-company acquisition, while Netflix and Comcast are preparing bids focused on the Warner Bros. studio and HBO Max/streaming assets.
- Paramount publicly denied a report that it is assembling a $71 billion offer with Saudi, Qatari and Abu Dhabi sovereign wealth funds, even as other outlets reported ongoing discussions with those investors.
- The WBD board has previously rejected Paramount offers, including about $23.50 per share, and Axios reporting indicates the board is seeking closer to $30 per share.
- Any deal faces significant scrutiny, with antitrust concerns raised about a Netflix–HBO Max combination and possible CFIUS review if foreign sovereign investors participate.