Warner Bros. Discovery is reportedly set to ask potential bidders to sign nondisclosure agreements in the near future, a step typically taken before sensitive financial information is shared with involved parties.
In a new report from Bloomberg, a person familiar with Warner Bros. Discovery’s plans, but chose not to be identified, said the company will ask prospective bidders to sign NDAs as early as this week, noting it’s a precursor to financial data being exchanged with those interested in acquisition.
Warner Bros. Discovery did not immediately respond to TheWrap’s request for comment.
This update comes after the company announced that their Board of Directors has initiated a review of strategic alternatives following “unsolicited interest” from “multiple parties” over acquiring WBD assets. Yet, WBD noted Tuesday that they would, in the meantime, continue to enact the plan to divide itself into two separate companies, Warner Bros. and Discovery Global.
Earlier on Wednesday, it was reported that Warner Bros. Discovery had already rejected three separate takeover bids from Paramount. One is said to have included an offer of nearly $24 per share that was 80% cash and 20% stock.
According to The New York Times, David Ellison even offered WBD CEO David Zaslav a co-CEO and co-chairman title to sweeten the offer. Representatives for Paramount did not immediately return TheWrap’s request for comment.
CNBC‘s David Faber also reported this week that Netflix and Comcast were among those interested, especially in regards to WBD’s studio and streaming assets — though, reps for either company did not respond to TheWrap’s request for comment at the time.
However, on Tuesday, Netflix co-CEO Ted Sarandos said the streamer would be “choosy” with regard to M&A and made it clear they had no interest in acquiring linear networks.
“It’s true that historically, we’ve been more builders than buyers, and we think we have plenty of runway for growth without fundamentally changing that playbook. Nothing is a must-have for us to meet our goals that we have for the business,” Sarandos said. “But we focus on profitable growth and reinvesting in our business, both organically and through selective M&A. And when it comes to M&A opportunities, we look at them, and we look at all of them.”
