Warner Bros. Discovery (WBD), the entertainment conglomerate behind HBO, Warner Bros. studios and major cable networks, is in the final stage of a closely watched auction process. According to multiple reports from Reuters, Bloomberg and the Los Angeles Times, Netflix has submitted a “mostly cash” bid in the second round of binding offers, while Paramount Skydance and Comcast have also tabled improved proposals for all or part of the company.
These new bids follow WBD’s earlier decision to request enhanced offers by December 1, after rejecting a first‑round proposal from Paramount Skydance that valued the company at roughly $60 billion — equating to nearly $24 per share. The latest round consists of binding offers, and the company’s board has the option to approve a deal quickly if terms are met, meaning a sale could be finalized within days or weeks.
Reports indicate that Netflix and Comcast are primarily targeting WBD’s studio and streaming assets — including Warner’s film and television production, HBO Max, and strategic content franchises — while Paramount Skydance’s structure is aimed at acquiring the full company, including its cable networks. Analysts cited in the same reports note that any completed transaction would represent one of the largest media consolidations in recent history, contingent on political, regulatory and antitrust clearance.
The urgency of the process is being highlighted by WBD’s previously announced structural plan to separate its studio and streaming business from its cable network division by 2026, a strategic effort designed to unlock shareholder value and better align operations. As industry attention intensifies around the outcome, Netflix’s predominantly cash offer is seen by market observers as a strong signal of its broader ambitions to expand beyond streaming and secure long‑term leverage in premium content and production.
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