Warner Bros to ask bidders to submit sweetened offers

[NEW YORK] Warner Bros Discovery, the parent of HBO and CNN, has asked potential buyers to submit new, sweetened offers after receiving an initial round of bids, sources familiar with the matter said.

The company, which put itself up for sale last month, has asked the bidders to provide improved offers by Dec 1, said the sources, who asked not be identified discussing the confidential proceedings.

Paramount Skydance, Comcast and Netflix are all vying to buy some or all of Warner Bros and submitted bids for the company last week to meet an initial deadline.

After reviewing any improved offers, Warner Bros may enter a period of exclusive negotiations with one of the companies, some of the sources said.

Comcast and Netflix are most interested in Warner Bros film and TV library, which includes everything from The Sopranos to Bugs Bunny. Paramount is willing to buy the whole company, including cable channels such as TNT and the Cartoon Network.

Warner Bros said it would evaluate strategic options last month after receiving interest in all or part of the business from multiple suitors.

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All three Warner Bros suitors present a host of regulatory concerns that could complicate a sale. Paramount, led by David Ellison, said at the Bloomberg Screentime conference in October that he has a good relationship with the Trump administration. BLOOMBERG