We should get an update on the sale of Warner Bros. Discovery this week, according to one reporter. Charles Gasparino of the NY Post posted on X Monday that companies who have submitted their bids have been told to expect to hear about next steps this week, writing that “either a winner or a new round of bids will be announced this week after second-round bids are delivered today.”
Last week, Warner Bros. reviewed the first round of non-binding offers and asked Paramount, Comcast, and Netflix to come back with higher offers than those originally submitted. That round of offers was due today, December 1.
After the first round, Gasparino reported in the NY Post that Paramount was the frontrunner, due to it being the only company to make an offer that includes CNN as part of the deal. While any sale would have to go through regulatory approval, the NY Post says that Paramount will have a much easier time moving through that process.
While Paramount is reportedly in the lead, Netflix seems to be facing some obstacles already. Over the weekend, it was reported that White House officials met to discuss whether Netflix acquiring the company would concentrate excessive power in one company, with Netflix growing so large that it wouldn’t allow room for competition. Officials reportedly said that if Netflix has the winning bid, it would trigger antitrust concerns that would lead to an exhaustive review that could stretch for years and expand beyond the proposed transaction.
While considering a sale of all or part of the company, Warner Bros. Discovery has been moving ahead with plans to split the company into two entities – one for the studio and streaming and one for traditional cable channels. That restructuring is targeted for April 2026.
Warner Bros. Discovery is aiming to finalize a plan by the end of December, according to a report from CNBC earlier this month.