The deadline for the initial round of offers for Warner Bros. Discovery was yesterday, November 20. As expected, Paramount, Comcast, and Netflix all submitted bids.
These nonbinding bids are the first step in a potential sale. Next, the submissions will be reviewed and the bidders will be asked to submit binding offers.
Meanwhile, 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.
After sharing plans to divide the company, Warner Bros. began receiving unsolicited proposals. Paramount submitted one offer which was rejected, and followed up by discussing alternative plans to acquire the company, including going above the board and making an appeal directly to the shareholders. We first heard about Netflix’s interest in buying Warner Bros. Discovery in September and reports about Comcast’s interest started coming out early this month. Both Netflix and Comcast are reportedly interested in the studio and streaming segment of the business, while Paramount wants it all.
Warner Bros. executives have said that they intend to announce their plans for the future of the company by the end of December, according to a report from CNBC earlier this month. If a sale is announced at that time, the plans will still need to go through the regulatory approval process, both in the U.S. and internationally.