Warner Bros Discovery receives revised bids from Netflix, Comcast and Paramount Skydance

Warner Bros Discovery has moved into a critical stage of its potential sale, with updated bids now submitted by Netflix, Comcast and Paramount Skydance, according to global media reports. The refreshed offers including a predominantly cash bid from Netflix signal that the auction process is entering its final stretch, with a conclusion anticipated soon.

As per reports, bankers working with Comcast, Netflix and Paramount Skydance spent the weekend strengthening their proposals, which cover the possibility of acquiring the company outright or taking over select divisions. These submissions are binding, giving the Warner Bros Discovery board the flexibility to move quickly if the terms align, although the bids are not yet considered final.

The new round of pitches follows the company’s call for improved offers by December 1, after assessing initial interest from the same set of bidders. Warner Bros Discovery’s board had previously turned down an earlier, mostly cash proposal from Paramount that valued the studio at roughly $60 billion, or about $24 per share. The rejection prompted the company to publicly confirm that all strategic options were on the table.

Warner Bros Discovery, parent to HBO and CNN announced in October that it was evaluating potential sale scenarios as legacy media firms battle structural headwinds. Any transaction involving the studio would mark yet another major consolidation move in a sector already transformed by the $8.4 billion Skydance–Paramount Global merger, a process that drew significant investor and regulatory scrutiny.

The company has also outlined an internal restructuring plan that will split its operations into two distinct verticals next year: a studio-focused business and a cable-led division, a move aimed at separating its high-growth streaming arm from the declining linear TV segment.