Warner Bros. Discovery may have found a buyer – the entertainment giant 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 added.
Reuters exclusively reported that Warner Bros. Discovery’s board had rejected Paramount’s mostly cash offer of nearly $24 a share for the company, valuing it at $60 billion, and publicly announced it would evaluate strategic options for the studio.
Warner Bros. Discovery entered late 2025 under growing pressure as the company confirmed it was conducting a formal review of “strategic alternatives,” a move widely interpreted as preparation for a major sale or breakup. This announcement came only months after WBD had revealed its intention to split the business into two separate publicly traded companies by mid-2026, one containing the studios and streaming division, and the other focused on global networks and traditional cable channels.
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The newly launched review did not replace that plan but instead broadened the company’s options, signaling that WBD was now open to selling either the entire enterprise or only its most valuable components. The shift reflects the company’s struggle to balance its powerful content assets with the decline of the linear TV market that continues to weigh heavily on its financial performance.
Interest from potential buyers quickly intensified, turning WBD into the center of the biggest media-industry bidding war of 2025. Paramount Skydance emerged as the only suitor reportedly seeking to acquire the entire company, including the streaming platform Max, Warner Bros. Studios, HBO, and the extensive cable network portfolio.
Meanwhile, Netflix and Comcast have shown interest in purchasing only the studio and streaming units, leaving aside the legacy networks that many companies now view as financially burdensome. This divergence in buyer interest reflects a broader industry reality: high-growth assets lie in content libraries, theatrical franchises, and global streaming capabilities, not in declining cable channels.
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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.
To keep the process competitive, WBD’s board asked bidders to submit improved offers by Dec.1, a signal that negotiations were entering a more serious phase. Yet the path forward remains complicated. A full takeover would immediately face regulatory scrutiny, especially if a major studio like Paramount attempted to combine its massive library and distribution systems with WBD’s own catalog and platforms.
Even a partial sale carries risks, since separating divisions that have historically operated together may disrupt internal synergies between content production, marketing, and distribution. Still, a breakup or sale offers potential upside by allowing WBD to offload its declining businesses or unlock higher value for its strongest assets.