Warner Bros. Discovery (WBD) is asking potential buyers to submit sweetened offers after it received the first round of bids.
The entertainment giant is asking bidders to submit improved offers by Dec. 1, according to a Bloomberg report on Tuesday, which cited people familiar with the matter. After reviewing the offers, Warner Bros. (WBD) may decide to enter exclusive talks with one of the parties.
Paramount Skydance (PSKY), Netflix (NFLX) and Comcast (CMCSA) all submitted bids last week in their efforts to buy all or some of Warner Bros. Discovery (WBD). Comcast and Netflix are interested in Warner Bros.’ film and television studios and HBO, while Paramount Skydance wants the entire company.
Warner Bros. (WBD) announced last month that it was undertaking a strategic review of its assets, citing multiple unsolicited interests for both the entire company and just its studio and streaming operations.
Earlier this month, CNBC reported that Warner Bros. Discovery (WBD) has set a deadline of Christmas to decide on a split or sale.