Comcast, Paramount and Netflix are all preparing their own bids for some or all of Warner Bros. Discovery, according to people familiar with the matter.
First-round bids are due in the coming weeks, according to one person familiar with the situation. Semafor could not confirm an exact date, but sources told The Wall Street Journal, which first reported the news, that the deadline is Nov. 20.
WBD is composed of two distinct units: one covering its streaming service and studios, and one housing its cable businesses, including CNN and TNT. Comcast and Netflix are only interested in a narrower bid for just the streaming-and-studios half, while David Ellison’s Paramount still wants to buy the whole thing, the people said.
Paramount offered $23.50 per share, biased heavily towards cash, in its most recent of multiple repeated offers, Semafor can confirm. CNBC earlier reported the value of Paramount’s bid. The price that Netflix or Comcast would be willing to pay for their narrower pursuits couldn’t be learned.
Spokespeople for WBD, Comcast and Paramount declined to comment. A spokesperson for Netflix didn’t immediately return requests for comment.
Comcast’s Mike Cavanagh, who will assume the role of co-CEO in the new year, indicated on the company’s most recent earnings call that the conglomerate would only be interested in acquiring theme park or streaming assets. Combining Peacock’s content library with that of HBO and Discovery+ would instantly vault Comcast’s streaming ambitions into the big leagues. People close to the company told Semafor that Comcast executives believe they would not suffer from significant antitrust concerns in the US or in Europe if they were to tailor their pursuit to just HBO and studio assets.
Comcast chairman and CEO Brian Roberts met with WBD’s David Zaslav several weeks ago, Semafor previously reported, a prelude to Comcast’s formal expression of interest in the company.
Netflix’s specific plans couldn’t be learned, but any bid from the streaming juggernaut would face significant global antitrust scrutiny. It is already far and away the biggest player in the game, and would with a deal for HBO snap up marquee franchises like Game of Thrones and The Sopranos.
Paramount’s interest is well-documented and expansive. The company is seen as favored by President Donald Trump under Ellison’s leadership, and recent moves at CBS News, such as its purchase of Bari Weiss’ Free Press and a settlement with the president over 60 Minutes, are likely to endear the network to the White House. Acquiring WBD would transform Paramount into a global giant, with networks, studios, and properties across Europe and the United States.