Netflix has put in an offer for Warner Bros. Discovery that’s mostly in cash for its second bid for the media conglomerate.
A new report from Bloomberg said investment bankers had worked throughout the long Thanksgiving weekend on improved offers for all or parts of WBD.
The move comes after the David Zaslav-led media giant asked bidders — including Paramount, Comcast and Netflix — to submit improved offers following the first round of non-binding bids last month. The result of this bidding war could reshape the entertainment landscape as the industry loses yet another major studio amid continued consolidation.
Netflix and Comcast had both previously submitted bids for WBD’s studio and streaming business, while Paramount has submitted multiple bids for the entire company, including three that came before the bidding rounds, which were rejected for being too low.
But unlike the first round, which was non-binding, the second-round bids are binding, which could lead to a deal being signed off quickly, Bloomberg reported.
As a result, the latest round could lead to a winner, or WBD may opt for a third round if the offers aren’t high enough, something the media company is looking to announce this week, according to the New York Post’s Charlie Gasparino.
WBD shares closed at $23.87 on Monday, giving it a market cap of $59.1 billion.
Netflix and Paramount declined to comment. Representatives for Warner Bros. and Comcast did not immediately return a request for comment.
In addition to continuing on with its planned split into Warner Bros. and Discovery Global, which is on track for completion in April, the company’s board is also considering separate transactions for the two companies or a deal for the entire combined company. WBD said it would also consider an alternative separation structure that would enable a merger of Warner Bros. and spin-off of Discovery Global to its shareholders.
