Warner Bros Discovery sale: Paramount, Comcast, Netflix submit bids; All you need to know

The first-round deadline for bids to acquire US-based media and entertainment giant Warner Bros. Discovery (WBD) closed on November 20, with all three contenders—Netflix, Comcast, and Paramount–Skydance—submitting offers, Reuters reported.

The high-stakes takeover could reshape the future of iconic assets such as HBO, the Warner Bros. film library, and the DC Comics universe.

According to the report, Paramount is bidding for the entire WBD portfolio, including its cable television networks. If successful, Paramount’s footprint in movie theaters would expand significantly, giving it a 32% share of the North American box office.

Warner Bros. Discovery’s board had initially rejected Paramount’s majority-cash offer of nearly $24 per share, valuing the company at about $60 billion. The board reportedly suggested raising the offer to $23 per share. (Note: Verify if it meant $24 → $23 or $24 → $30 — wording in original source appears unclear.)

Meanwhile, Comcast, the parent company of NBCUniversal, is largely interested in acquiring WBD’s film and TV studios, along with HBO. A merger of the studios would give Comcast more than 43% of the North American theatrical market, as per Comscore data cited in the report.

Netflix is eyeing WBD’s studio and streaming operations to gain access to its deep content library and established franchises such as Harry Potter and The Lord of the Rings.

Earlier this year, Warner Bros. Discovery announced plans to split into two publicly listed entities, separating its studios and streaming businesses from its cable networks.