Warner Bros. Discovery (WBD) rose 3.1% in after-hours trading on a report that Paramount Sykdance (PSKY), Netflix (NFLX) and Comcast (CMCSA) are preparing bids for the entertainment giant.
The deadline for non-binding first-round bids is Nov. 20, according to a WSJ report, which cited people familiar with the matter. Paramount (PARA) plans to submit a bid for the entire company, while Netflix (NFLX) and Comcast are only interested in the Warner Bros. movie and TV studios as well as the HBO Max streaming service.
Paramount (PARA) has reportedly already made three bids for Warner Bros., the last being an offer of $23.50/share, that were rejected by the entertainment behemoth. 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.
Last Wednesday CNBC reported that Warner Bros. Discovery (WBD) has set a deadline of Christmas to decide on a split or sale.