"Netflix Inc., Comcast Corp. and Paramount Skydance Corp. all submitted bids for Warner Bros. Discovery Inc., according to people with knowledge of the matter, setting the stage for one of Hollywood's biggest companies to be sold. The submissions meet a Nov. 20 deadline for a first round of bids set by the board of Warner Bros. Discovery, the parent of HBO, CNN and the Warner Bros. movie and TV studios. The New York Times reported earlier Thursday that the three companies had put in offers. Comcast and Netflix are most interested in the film and TV library, which includes everything from The Sopranos to Bugs Bunny. Paramount is willing to buy the whole company, including cable channels such as CNN, TNT and the Cartoon Network."
"AT&T Inc. purchased Time Warner Inc. from its shareholders in 2018 to diversify into film and TV production. Four years later, WarnerMedia was merged into Discovery Inc., creating the current iteration. With consumers and advertisers shifting from traditional TV to streaming, Warner Bros. has struggled under its current leadership. But with the recent takeover speculation, the shares have nearly tripled over the past two months. It now has a market value of $57 billion and about $33.5 billion in debt."
Netflix, Comcast and Paramount submitted first-round bids for Warner Bros. Discovery by a Nov. 20 deadline, targeting different parts of the business. Comcast and Netflix focus on the film and TV library spanning properties like The Sopranos and Bugs Bunny, while Paramount is prepared to buy the whole company, including cable channels such as CNN, TNT and Cartoon Network. Netflix signaled willingness to drop its opposition to theatrical releases if it acquired the company. Warner Bros. Discovery has changed owners multiple times since 2018, faces streaming-related challenges, and now carries about $33.5 billion in debt with a $57 billion market value.
Read at www.mercurynews.com
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