Warner Bros. Discovery is moving forward with its potential sale as it seeks higher second-round bids from interested buyers, according to multiple reports. The media conglomerate, which has drawn overtures from Paramount Skydance, Comcast, and Netflix, is reportedly asking for updated offers by Monday, December 1.
Bloomberg News first reported the deadline for second-round submissions. The company could enter exclusive negotiations with one bidder once the new proposals are received. The first-round offers were submitted last Thursday, November 20, by the three suitors.
Representatives for Warner Bros. Discovery and Paramount Skydance have not commented on the reports.
The potential sale follows Warner Bros. Discovery’s announcement last month that it had received interest from “multiple parties” and had begun reviewing formal offers. The company indicated it would consider proposals in which its Warner Bros. business — including HBO Max and the studio operations — could be sold separately from Discovery Global, the TV-focused segment.
That approach aligns with WBD’s plan to split into two companies by April 2026.
Netflix and Comcast are reportedly focused on acquiring Warner Bros.’ streaming and studio operations, leaving the cable TV business separate. Paramount Skydance, however, reportedly has expressed interest in acquiring Warner Bros. Discovery as a whole.
Paramount’s previous bid of $23.50 per share, consisting of 80% cash and 20% stock, was rejected by WBD’s board. Last week, the company submitted a first-round bid reportedly similar to the prior offer, backed by the Ellison family — including Oracle founder Larry Ellison — along with RedBird Capital Partners, according to The Wall Street Journal. Details of the bids from all parties remain unconfirmed.
In discussions with WBD, Netflix executives emphasized that a successful acquisition would maintain Warner Bros.’ theatrical distribution deals, ensuring films remain in cinemas.
Despite ongoing negotiations, Warner Bros. Discovery’s board could ultimately reject the bids, opting instead to continue with its planned corporate split. Under that plan, Warner Bros. would operate independently under CEO David Zaslav, while Discovery Global would be led by current CFO Gunnar Wiedenfels.
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