Warner Bros. Discovery (WBD) received a mostly cash offer from Netflix (NFLX) in the second round of bidding for the entertainment giant. Shares of Warner Bros. edged higher by 1.3% in after-hours trading.
Netflix (NFLX), Paramount Skydance (PSKY) and Comcast (CMCSA) worked over the Thanksgiving weekend to provide improved offers for all or parts of Warner Bros (WBD) on Monday, according to a Bloomberg report , which cited people familiar with the matter.
Netflix (NFLX) is working on a bridge loan that totals tens of billions of dollars, according to the report. Comcast (CMCSA) and Netflix (NFLX) are only interested in the Warner Bros. studio and HBO Max streaming service.
The offers are binding, so the board may be in a position to sign off quickly if they meet the board’s expectations, the report said.
Earlier Wednesday, Fox Business reporter and New York Post contributor Charles Gasparino tweeted that bidders on Warner Bros. Discovery (WBD) reportedly said the company’s board has “really warmed” to an offer by streaming giant Netflix (NFLX),