Warner Bros. Discovery has entered a key stage in its sale process after receiving a new round of binding bids, including a mostly cash offer from Netflix, according to a source familiar with the talks.
The bids, submitted over the weekend, move the auction closer to a possible deal that could be finalized in the coming days or weeks.
Bankers representing Paramount Skydance, Comcast, and Netflix worked to improve their proposals after Warner Bros.
According to Reuters, Discovery asked all bidders to submit stronger offers by Dec. 1. These new bids are considered binding, meaning the company's board can approve a sale quickly if the terms meet their expectations.
However, the offers are not yet final, and more discussion is expected before any agreement is reached.
Neither Netflix nor Warner Bros. Discovery commented on the new bids. Bloomberg News first reported that Netflix's offer was mostly cash, which is likely to carry significant weight as the board reviews its options.
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. Read more: https://t.co/nRRxhahls8 pic.twitter.com/RB2rZlAEB9
— Reuters Business (@ReutersBiz) December 2, 2025
Warner Bros. Discovery Rejects $60B Offer
Last week, Reuters reported that Warner Bros. Discovery rejected a previous offer from Paramount Skydance that valued the company at around $60 billion, or nearly $24 per share.
After turning down that deal, the company publicly confirmed it was exploring strategic options, including a possible sale.
The parent of HBO and CNN first signaled in October that it was considering major changes.
Any successful deal would further reshape the media industry, which has already been experiencing rapid consolidation.
The recent $8.4 billion merger between Skydance Media and Paramount Global highlighted how companies are racing to stay competitive as streaming platforms grow and traditional cable networks continue to lose viewers, NY Post reported.
Warner Bros. Discovery, known for major franchises such as "Harry Potter," "DC Comics," and a large library of TV content, has faced pressure to keep up with shifting viewer habits.
In June, the company announced plans to split into two divisions—one focused on its studio operations and another on cable networks—aimed at separating its fast-growing streaming projects from its slower cable business.
Originally published on vcpost.com
