Paramount, Comcast and Netflix submit bids for Warner Bros Discovery, NYT reports
Paramount, Comcast, and Netflix have submitted preliminary bids for Warner Bros Discovery, marking a potential sale of the Hollywood studio. Paramount aims to acquire the entire company, backed by Larry Ellison, while Netflix and Comcast are interested in specific assets like film and TV studios and HBO. Warner Bros Discovery's board rejected a cash offer of nearly $24 per share. The company plans to split into two publicly traded entities, separating studios and streaming from cable networks.
Nov 20 (Reuters) - Warner Bros Discovery (WBD.O) has received preliminary bids for the media company from Paramount Skydance (PSKY.O) , Comcast (CMCSA.O) and Netflix (NFLX.O) , the New York Times reported on Thursday, citing sources familiar with the matter.
The bids represent the first step in the possible sale of all or part of the century-old Hollywood studio, whose entertainment brands include HBO, CNN and the Warner Bros film studio.
Comcast, Netflix and Warner Bros Discovery did not immediately respond to Reuters requests for comment. Paramount Skydance declined to comment.
Paramount is expected to bid for all of Warner Bros Discovery, including its cable television networks. The company’s bid is backed by the studio’s controlling shareholder, billionaire Oracle co-founder Larry Ellison, who is among the world’s richest men.
Reuters exclusively reported that Warner Bros Discovery’s board rejected a mostly cash offer of nearly $24 a share for the company, according to a source familiar with the matter.
Netflix and NBCUniversal’s corporate parent, Comcast, are interested in Warner Bros’ film and television studios and HBO, but not Warner Bros’ basic cable networks, which include CNN, HGTV and TNT.
Warner Bros Discovery previously announced plans to split the company into two publicly traded companies, separating its studios and streaming business from its fading cable networks.
