Warner Bros Discovery Gets Mostly Cash Offer From Netflix, Source Says
The bids are binding, giving the board scope to approve a deal quickly if terms are met, though they have not been described as final, the person said.
Warner Bros. Discovery has received a second round of bids, including a mostly cash offer from Netflix, in an auction that could conclude in the coming days or weeks, a source familiar with the matter told Reuters on Monday.
Bankers for Paramount Skydance, Comcast and Netflix worked over the weekend on improved offers for all or part of Warner Bros., the source said.
The bids are binding, giving the board scope to approve a deal quickly if terms are met, though they have not been described as final, the person said.
Netflix and Warner Bros Discovery declined to comment. Bloomberg News first reported the development.
Last week, Warner Bros asked bidders to submit improved offers by Dec. 1 after receiving preliminary buyout bids from Paramount Skydance, Comcast and Netflix.
Any potential deal involving Warner Bros Discovery would further consolidate the media industry after the $8.4 billion merger of Skydance Media and Paramount Global, which capped a drawn-out process marked by political scrutiny and shareholder concerns.
The studio behind the “Harry Potter” and DC Comics film franchises announced plans in June to split into studio-centric and cable-focused units by next year to separate its growing streaming business from its lagging cable network unit.
