Warner Bros. Discovery Asks Buyers for Higher Bids as Acquisition Battle Intensifies

While most of the entertainment industry heads into a long holiday weekend, dealmaking around one of Hollywood's biggest companies is only accelerating. Warner Bros. Discovery (WBD) has instructed interested buyers to submit revised, higher offers by Monday, Dec. 1, as the race to acquire all or parts of the media giant heats up.

People familiar with the process say the request marks the beginning of a tightened bidding window. The new deadline was initially reported by Bloomberg, which noted that once proposals are in, WBD could choose to enter exclusive talks with whichever company brings the strongest offer. The first round of bids was delivered on Nov. 20 by Paramount Skydance, Comcast, and Netflix.

None of the companies involved has offered public comment on the ongoing negotiations.

Warner Bros. Discovery revealed in October that multiple companies had quietly approached the conglomerate with acquisition interest. That announcement set in motion a formal sales review, unusual for a company of WBD's scale and cultural footprint. The review includes options for buyers to acquire the Warner Bros. studio and streaming division separately — a portfolio that includes HBO, Max, and Warner Bros. Pictures.

Such a sale would match WBD's internal plan to split into two independent businesses by spring 2026: a studio-and-streaming-focused Warner Bros. and a Discovery-branded company centered on global nonfiction and lifestyle channels.

Each potential buyer appears to be chasing a slightly different outcome. Both companies are evaluating bids for the film, TV, and streaming assets without taking on the full WBD catalogue. Netflix's interest is especially notable, signaling the streamer's willingness to step into the traditional studio world after years of building content from scratch. As part of its pitch, Netflix has indicated it would maintain Warner Bros.' theatrical release strategy, a reassurance meant to address concerns about shrinking cinema windows.

Paramount Skydance, under David Ellison, is aiming for a complete takeover of WBD rather than a partial acquisition. Ellison previously put forward an offer valued at $23.50 per share, which the WBD board declined. His latest bid, supported by the Ellison family and RedBird Capital Partners, is believed to be comparable in structure, though the exact financials have not surfaced.

The submission of second-round bids will bring WBD closer to choosing whether to sell — fully or partially — or continue operating independently. Even with several heavyweight companies in pursuit, insiders say the board may still decide none of the offers justify a deal of this magnitude.

If that happens, WBD is expected to proceed with its existing timeline to divide the company into Warner Bros., led by CEO David Zaslav, and Discovery Global, overseen by CFO Gunnar Wiedenfels.