Warner Bros Discovery Gets Mostly Cash Offer From Netflix, Source Says

Warner Bros., a source familiar with the matter told Reuters on Monday. Discovery has received a second round of bids, including a mostly cash bid from Netflix, in an auction that could conclude in the coming days or weeks.

Paramount Skydance, Comcast and Netflix bankers were working on improved offers for all or part of Warner Bros. over the weekend, the source said.

The offers are binding and give the board the authority to quickly approve a deal if conditions are met, but they have not been defined as final, the person said.

Netflix and Warner Bros. Discovery declined to comment. Bloomberg News first reported the development.

Last week, Warner Bros. asked bidders to submit improved bids by December 1 after receiving pre-purchase offers from Paramount Skydance, Comcast and Netflix.

Any potential deal involving Warner Bros. Discovery would further strengthen the media industry following the $8.4 billion merger of Skydance Media and Paramount Global; This would end a long process shaped by political scrutiny and shareholder concerns.

The studio behind the “Harry Potter” and DC Comics film franchises announced plans in June to split into studio-centered and cable-focused units by next year to separate its growing streaming business from the rest of its cable network unit.