Warner Bros. Discovery has set a deadline for a second round of bids for all or part of the media giant, an individual familiar with the matter confirmed to TheWrap.
Last week, the David Zaslav-led media giant received first round, non-binding bids from Netflix and Comcast, who have been exploring bids for Warner’s studio and streaming business, and a fourth bid from Paramount for the entire company after its three previous takeover offers were rejected for being too low.
As first reported by Bloomberg, WBD has asked bidders to provide sweetened offers by Dec. 1. After reviewing any improved offers, the David Zaslav-led media giant may enter a period of exclusive negotiations with one of the companies.
A WBD spokesperson declined to comment.
Warner Bros. Discovery launched a strategic review of alternatives in October, citing “unsolicited interest” from “multiple parties.”
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.
The Wrap previously reported that a final decision is expected to be made around Christmas.
Shares of WBD, which closed at $22.96 apiece at the end of Tuesday’s trading session, are up 120.77% in the past year, 115.4% year to date, 140.4% in the past six months and 9% in the past month.
