Warner Bros. Discovery has requested sweetened second-round offers from potential buyers by December 1, 2025, following initial non-binding bids submitted on November 20. Bidders include Paramount-Skydance, aiming to acquire the entire company, and Comcast and Netflix, targeting the Warner Bros. film and TV studios along with HBO Max. The company anticipates concluding the sale process by late December, though regulatory approval could take up to a year.
Bidding Process Overview
Warner Bros. Discovery (WBD), led by CEO David Zaslav, launched a formal auction earlier in 2025 after receiving initial bids. The first round of non-binding offers arrived on November 20, with bidders signing non-disclosure agreements to review the company's financials. Deadline confirmed the new deadline for improved proposals, set right after the Thanksgiving holiday weekend, as bankers and executives prepare intensified negotiations.
Key Bidders and Strategies
Paramount, recently acquired by David Ellison's Skydance in August 2025 and backed by Larry Ellison, is proposing to purchase the whole WBD entity. Comcast, with a strong balance sheet, seeks the studios and HBO Max, planning to integrate them into its parent company amid its spin-off of NBCUniversal cable networks into Versant, expected early next year. Netflix, known for organic growth over major acquisitions, surprised as a bidder for the same assets.
WBD retains the option to separate its linear television business from studios and streaming if no deal materializes. Bloomberg first reported the December 1 deadline, aligning with WBD's goal of wrapping the sale by year's end, pending regulatory hurdles.