Warner Bros. Discovery Sale Bids Due Nov. 20

Warner Bros. Discovery, the media conglomerate behind HBO and CNN, is poised for a potential sale as preliminary nonbinding bids from interested parties are due by November 20. The process, which began after the company shared financial data with suitors under nondisclosure agreements, marks a shift from its earlier plan to split operations by April 2026, potentially leading to a full acquisition or sale of select assets.

The auction has drawn attention from major players in the entertainment industry. Paramount Global has submitted multiple overtures for the entire company, including a rejected offer of $23.50 per share, and continues to pursue the deal, viewing it as superior to a breakup for shareholders. Comcast, the parent of NBCUniversal, has retained Goldman Sachs and Morgan Stanley to evaluate a bid and gained access to Warner Bros. Discovery's data room for due diligence. Netflix has also hired investment banks to explore options, focusing on the Warner Bros. studios and streaming assets like HBO Max. Reports indicate Warner Bros. Discovery CEO David Zaslav met with Comcast CEO Brian Roberts to discuss strategic possibilities, while other entities like Amazon MGM have...