Some media M&A teams may be working through the Thanksgiving weekend: Warner Bros. Discovery — which is fielding acquisition overtures from Paramount Skydance, Comcast and Netflix — is asking for second-round bids by Monday, Dec. 1, that are higher than the original proposals, Variety has confirmed.
News of Warner Bros. Discovery’s second round of bidding was first reported by Bloomberg News. Following the submission of the new bids, the company “may enter a period of exclusive negotiations with one of the companies,” per the Bloomberg’s report.
The first-round offers for WBD — in whole or in part — were submitted last Thursday, Nov. 20, from Paramount Skydance, Comcast and Netflix.
Reps for Warner Bros. Discovery and Paramount Skydance declined to comment. Comcast and Netflix did not immediately respond to request for comment.
Last month, Warner Bros. Discovery announced that it had received in-bound M&A interest from “multiple parties” and kicked off a process to review offers. The company said it will consider proposals in which the Warner Bros. business (HBO Max and studios) is sold separately from Discovery Global, the TV-centric company, which aligns with Warner Bros. Discovery’s already-underway plan to split into two companies by April 2026.
Netflix and Comcast have been looking to acquire the Warner Bros. streaming and studio operations, separate from WBD’s cable TV business.
Paramount Skydance is interested in acquiring Warner Bros. Discovery in its entirety. Paramount chief David Ellison previously submitted bids for WBD but the Warner Bros. Discovery board rejected his $23.50/share offer of 80% cash and 20% stock. Paramount Skydance’s first-round bid week, fully backed by the Ellison family (i.e., Oracle founder Larry Ellison) along with RedBird Capital, was expected to be roughly in line with Ellison’s previous $23.50/share offer, the Wall Street Journal previously reported.
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From Variety US