Final bids are expected for Warner Bros Discovery before it enters a period of exclusive negotiations with a prospective purchaser. Paramount Skydance, Comcast, and Netflix submitted initial bids and WBD is expecting best and final offers.
Paramount Skydance has been seen by some as the most likely acquirer, with the possibility of adding all the Warner Bros Discovery business to its recently expanded media empire, months after merging Paramount with Skydance, backed by Larry Ellison, the founder of Oracle, and run by his son.
Comcast is more likely to be interested only in the studios and online side of the business. However, Comcast is separately in talks to acquire the channels and online business of ITV in the United Kingdom.
Netflix management have said that they have no interest in owning legacy media networks. It would be a departure for Netflix, which has historically aimed for organic growth, but it could substantially expand its catalogue.
It remains possible that none of the bids will ultimately be accepted, in which case WBD plans to split into two companies that would remain takeover targets.