https://www.wsj.com/business/media/...deadline-approaches-999cbec3?mod=hp_lead_pos2
Paramount, Comcast, Netflix Prepare Bids for Warner as Deadline Approaches
Warner Bros. Discovery is holding an auction process in the hopes of having it completed by the end of the year
By
Joe Flint and
Lauren Thomas
Updated Nov. 13, 2025 - 4:51 pm EST
Paramount, Comcast and Netflix are preparing bids for Warner Bros. Discovery, according to people familiar with the matter.
The initial deadline to submit nonbinding first-round bids is Nov. 20, some of the people said. Warner Discovery is holding the auction process in the hopes of having it completed by the end of the year, the people said.
Paramount intends to participate in the formal auction process and remains committed to buying the entire company, people familiar with the matter said. The David Ellison-led company previously submitted multiple unsolicited offers to buy Warner Discovery, which then put itself on the block.
Comcast and Netflix are primarily interested in the Warner Bros. movie and television studios and the HBO Max streaming service but not its cable network holdings, which include CNN, TNT and Discovery Channel, people close to those companies said.
Warner Discovery, meanwhile, is moving forward with plans to
separate its assets into two companies: one to house its studios and streaming businesses, and the other comprising its cable networks.
Paramount and Comcast believe they would benefit from greater scale to compete against big tech companies such as Netflix and
Amazon, both of which operate global streaming services, people familiar with the matter said. Although Paramount and Comcast already have significant entertainment holdings, their efforts to compete in streaming have lagged behind rivals.
For Netflix, Warner Discovery’s vast library of movies and TV shows could enhance its content offering.
Paramount’s
previous offers have been rebuffed, The Wall Street Journal reported. The company, which was recently acquired by Ellison’s Skydance Media, is committed to a primarily-cash offer for Warner Discovery, people familiar with the matter said.
Paramount’s bid is backed by the Ellison family, which includes David Ellison’s billionaire father, Oracle co-founder Larry Ellison, and private-equity firm Redbird Capital Partners, which is a stakeholder in Paramount.
Paramount’s latest offer was $23.50 per-share, representing a premium of nearly 90% to the stock’s price before The Wall Street Journal reported that Paramount was planning a bid.
Write to Joe Flint at
Joe.Flint@wsj.com and Lauren Thomas at
lauren.thomas@wsj.com
