Warner Bros Discovery has received an updated round of acquisition offers, including a significantly increased cash-heavy bid from Netflix, as the sale process moves closer to a potential conclusion. The revised proposals follow the company’s request last week for bidders to return with enhanced terms by December 1, after initial offers came in from Paramount Skydance, Comcast, and Netflix.
According to sources shared with Reuters, advisors representing the bidding companies worked through the weekend to refine their submissions. These latest bids are binding, giving Warner Bros Discovery’s board the ability to move swiftly if a satisfactory deal emerges-though none have been labeled final at this stage. Both Netflix and Warner Bros Discovery have declined public comment, while Bloomberg was first to report the latest bidding developments.
Earlier, Reuters revealed that Warner Bros Discovery had rejected Paramount’s previous cash-driven offer of nearly $24 per share, valuing the company around $60 billion, before formally confirming that it would evaluate strategic alternatives.
The media giant-home to HBO, CNN, DC Comics and the Harry Potter franchise-first signaled its openness to a sale in October. A potential acquisition would further reshape an entertainment sector already defined by major consolidations, including the recent $8.4 billion Skydance–Paramount Global merger, which followed regulatory scrutiny and investor pressure.
Warner Bros Discovery has also begun internal restructuring, announcing plans to split operations next year into studio-focused and cable-driven divisions. This move aims to sharpen focus between its expanding streaming business and its weakening traditional TV arm.
