Paramount, Comcast and Netflix submit bids for Warner Bros Discovery: source

[LOS ANGELES] Warner Bros Discovery has received preliminary bids for the media company from Paramount Skydance, Comcast and Netflix, according to a source familiar with the matter.

The bids represent the first step in the possible sale of all or part of the century-old Hollywood studio, whose entertainment brands include HBO, CNN and the Warner Bros film studio.

Warner Bros Discovery did not immediately respond to Reuters’ request for comment. Comcast and Paramount Skydance declined to comment. Netflix could not be reached for comment. The New York Times first reported the development.

Paramount is expected to bid for all of Warner Bros Discovery, including its cable television networks. The company’s bid is backed by the studio’s controlling shareholder, billionaire Oracle co-founder Larry Ellison, who is among the world’s richest men. The potential combination would enhance its presence in movie theatres, and strengthen its streaming service by combining HBO Max with Paramount+.

Reuters exclusively reported that Warner Bros Discovery’s board rejected a mostly cash offer of nearly $24 a share for the company, and publicly announced it would evaluate strategic options for the studio.

NBCUniversal’s corporate parent, Comcast, is interested in Warner Bros’ film and television studios and HBO, whose well-known characters, including Superman and Batman, would strengthen its theatrical and streaming business and its theme parks.

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Netflix is also courting Warner Bros’ studio and streaming businesses, which would give it access to Warner Bros’ extensive film library and established entertainment franchises, such as Harry Potter and Lord of the Rings.

Warner Bros Discovery previously announced plans to split the company into two publicly traded companies, separating its studios and streaming business from its fading cable networks. REUTERS