The high-stakes battle for Warner Bros. Discovery Inc. is heating up as several major media companies submit their second-round offers—led by a mostly cash proposal from Netflix Inc., according to people familiar with the negotiations.
Sources say bankers representing Paramount Skydance Corp., Comcast Corp., and Netflix spent the long Thanksgiving weekend refining improved bids for all or parts of Warner Bros. The company is expected to choose a winning bidder within days or weeks, marking one of the most consequential potential deals in modern entertainment history.
Netflix Steps Into the Spotlight With a Cash-Dominant Offer
Netflix, the global leader in streaming, has reportedly put forward a mostly cash bid while simultaneously working on a massive bridge loan worth tens of billions of dollars to support the deal. The company is specifically interested in acquiring the Warner Bros. film and television studios along with the HBO Max streaming service—assets that could dramatically strengthen its content pipeline.
A deep-pocketed cash offer gives Netflix a competitive edge in a crowded bidding field, as Warner Bros. seeks a clean and rapid transaction.
Paramount Makes a Powerful All-Cash Bid—Backed by Big Names
Paramount Skydance Corp., now led by tech heir David Ellison, is also aggressively pursuing the deal. Their offer is entirely cash, supported primarily by the family of Oracle co-founder Larry Ellison, and supplemented by financing from Apollo Global Management and multiple Middle Eastern investment funds, sources said.
Paramount is one of only two bidders seeking to acquire all of Warner Bros., including its cable networks such as CNN and Discovery.
Comcast Remains in the Race
Comcast is competing strictly for the Warner Bros. studios and HBO Max, aligning its strategy with Netflix. These parties have no interest in the company’s traditional cable channels, which Warner Bros. plans to spin off as Discovery Global should a partial acquisition occur.
According to insiders, the spinoff could be completed by mid-2025, simplifying the company’s structure and making it more attractive to bidders focused on streaming and studio assets.
Binding Bids Raise the Stakes
The current round of bids is binding, meaning Warner Bros.’ board has the authority to finalize a deal quickly—provided one of the offers meets the company’s financial and strategic targets. Though the offers are binding, Warner Bros. has not labeled them as final, leaving room for a potential third-round bid if new terms are compelling.
Price Expectations: The Magic Number Is $30 Per Share
Warner Bros. is reportedly seeking $30 per share, a figure that chair emeritus John Malone recently called “possible.” On Tuesday, Warner Bros. stock rose as much as 1.8% to $24.30, valuing the company at roughly $60 billion.
If a buyer meets the $30 price target, it would mark one of the largest transactions in Hollywood’s recent history and could reshape the global entertainment landscape.
A Media Giant Officially Up for Sale
Warner Bros., the parent company of HBO, CNN, Warner Bros. Pictures, and numerous iconic franchises, formally put itself up for sale in October after receiving multiple unsolicited acquisition proposals. Paramount initiated the process even earlier with a series of offers for the entire company, including its extensive portfolio of cable networks.
What’s at Stake for the Industry
This sale—once unthinkable—is now poised to redefine the entertainment sector. Three of the world’s most influential media companies are battling for control of the industry’s most prestigious studio, Warner Bros., and its massively valuable streaming platform HBO Max.
For Netflix, it would be the biggest strategic move in its history. For Paramount and Comcast, it represents a chance to reshape their competitive position in a rapidly consolidating media landscape.
Hollywood is now watching closely, as a final decision could come at any moment.
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