Warner Bros. Studios in Burbank, California, US, on Wednesday, Nov. 26, 2025. Warner Bros. Discovery Inc., the parent of HBO and CNN, has asked potential buyers to submit new, sweetened offers after receiving an initial round of bids, people familiar with the matter said. Photographer: Jill Connelly/Bloomberg
Warner Bros Discovery has received a second round of bids, including a mostly cash offer from Netflix, in an auction that could conclude in the coming days or weeks, a source familiar with the matter told Reuters on Monday.
Bankers for Paramount Skydance, Comcast and Netflix worked over the weekend on improved offers for all or part of Warner Bros, the source added.
The bids are binding, giving the board scope to approve a deal quickly if terms are met, though they have not been described 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 offers by December 1 after receiving preliminary buyout bids from Paramount Skydance, Comcast and Netflix.
Reuters exclusively reported that Warner Bros Discovery's board had rejected Paramount's mostly cash offer of nearly $24 a share for the company, valuing it at $60 billion, and publicly announced it would evaluate strategic options for the studio.
The parent of HBO and CNN in October said it was exploring its options for sale.
Any potential deal involving Warner Bros Discovery would further consolidate the media industry after the $8.4 billion merger of Skydance Media and Paramount Global, which capped a drawn-out process marked 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-centric and cable-focused units by next year to separate its growing streaming business from its lagging cable network unit. - Rueters
