Preliminary bids for Warner Bros. Discovery are due November 20, and multiple major media companies are lining up to take a shot at acquiring the studio. Warner Bros. is aiming to secure a deal by Christmas, with talks already heating up.
Paramount, Comcast, and Netflix Ready to Bid
Via Deadline, Paramount-Skydance has made three approaches so far and is expected to submit a formal bid next week.
Comcast and Netflix have also hired financial advisors and are preparing offers. All three companies have signed NDAs and accessed Warner Bros. Discovery’s internal financials to inform their bids.
Netflix–HBO Max Merger Raises Antitrust Concerns
Rep. Darrell Issa has warned the DOJ and FTC that a Netflix acquisition of WBD, particularly HBO Max, could violate antitrust laws.
Combined, the two platforms would control more than 30% of the U.S. streaming market. Issa also raised concerns about reduced theatrical output and fewer opportunities for creators.
Warner Bros. Hoping to Finalize Deal by Year-End
If the sale moves forward, a second round of binding offers will follow the first submissions.
Warner Bros. Discovery has indicated it wants to finalize a deal by Christmas, though nothing is guaranteed.
WBD Split May Be Scrapped if Sale Happens
Originally, Warner Bros. Discovery planned to split into two companies: Warner Bros., which would include studios and streaming under CEO David Zaslav, and Discovery Global, which would house the linear networks under CFO Gunnar Wiedenfels.
However, an outright acquisition could override those plans.
Comcast and Netflix Could Partner on a Deal
According to Deadline, speculation has emerged that Comcast and Netflix might consider a joint bid (also potentially Comcast and the Saudis).
One scenario floated involves Comcast taking HBO Max and Netflix acquiring the studios and IP.
Amazon MGM has also expressed interest, but its current status remains unclear, according to the report.
