According to Warner Bros. Discovery’s (WBD) SEC filing disclosure on Wednesday, in which it deemed Netflix’s (NFLX) offer as “superior” compared to Paramount’s (PSKY), a mystery “Company C” had also submitted a bid for the media conglomerate’s assets during the first round of bidding.
Notably, “Company C” had contacted finance chief Gunnar Wiedenfels to express interest in a potential transaction with the Warner Bros. Global Networks business. Wiedenfels is expected to helm the TV network business after the company splits into two.
According to the filing, “Company C” wanted to buy the networks business and take a 20% stake in the streaming and studio business, including HBO Max, for $25B in cash. It also proposed a 90-day exclusivity period.
A day after submitting the bid, WBD determined that Company C’s proposal was not actionable at that time.
Some media outlets have speculated that “Company C” may have been Starz Entertainment (STRZ).