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1h ago

Warner Bros. Discovery Sets Dec. 1 Deadline for Sweetened Second-Round Bids

The company aims to choose a buyer by late December despite an expected lengthy regulatory review.

K3756P OCEAN'S ELEVEN (US 2001) L-R, SCOTT CAAN, EDIE JEMISON, MATT DAMON, GEORGE CLOONEY, BERNIE MAC, ELLIOTT GOULD, BRAD PITT OCEAN'S ELEVEN (US 2001) L-R, SCOTT CAAN, EDIE JEMISON, MATT DAMON, GEORGE CLOONEY, BERNIE MAC, ELLIOTT GOULD, BRAD PITT
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Overview

  • First-round nonbinding offers have been on the table since Nov. 20 after bidders signed NDAs and reviewed the company’s books.
  • Paramount-Skydance is seeking to buy the entire company with backing from the Ellison family and RedBird Capital, according to reporting.
  • Netflix and Comcast are focused on acquiring the Warner Bros. film and TV studios with HBO Max, and Netflix told WBD it would keep films in theaters under existing distribution deals.
  • WBD could move into exclusive negotiations with one party after the new bids are submitted, per Bloomberg’s reporting cited by Variety.
  • The board still has the option to reject offers and proceed with a planned split of Warner Bros. and Discovery Global, as regulatory approval for any deal could take at least a year.