Warner Bros. Discovery Seeks Higher Bids by Dec. 1

Warner Bros. Discovery has requested improved offers from potential buyers after an initial round of bids fell short of expectations, setting a new deadline of December 1 for submissions.

The media company, which owns HBO, CNN and Warner Bros. studios, received non-binding proposals on November 20 from three major players: Paramount Skydance, Netflix and Comcast. Paramount Skydance submitted a bid for the entire Warner Bros. Discovery operation, while Netflix and Comcast focused their interest on the studios and streaming assets, including HBO Max and the film and television libraries. Details of the initial offers, such as terms and prices, have not been disclosed.

Following the first round, Warner Bros. Discovery informed the bidders that any second-round proposals must exceed the original amounts. Sources close to the process indicated that the company aims to move quickly, potentially entering exclusive negotiations with a single suitor after reviewing the updated bids. Executives have expressed hope for a decision by the end of the year, though regulatory approvals in the United States and internationally could extend the timeline by at least a year.