Paramount, Comcast, Netflix bid for WBD

What happened

Paramount Skydance, Comcast and Netflix Thursday submitted rival bids for Warner Bros. Discovery, seeking all or part of the media giant’s studio, streaming and cable network assets, several news organizations reported.

Paramount, which was rebuffed in three previous unsolicited bids, was the only contender “pursuing all of Warner Discovery,” including CNN and its other cable channels, The Wall Street Journal said, while Netflix and Comcast were “bidding only for the studios, HBO and streaming service HBO Max.”

Who said what

The outcome of the bidding war “could alter the trajectory of the entertainment business,” The New York Times said. Warner CEO David Zaslav “was said to be enthusiastic about a potential bid from Netflix,” which notably pledged to “continue theatrical releases for movies from Warner Bros. Discovery,” but Paramount’s new chief David Ellison has “cultivated a relationship” with President Donald Trump, and “any bidder would need approval from federal regulators.”

Any successful offer would represent a “significant consolidation in the media industry,” Reuters said. Paramount’s ownership would give it a “32% share of the North American theatrical market, according to Comscore,” while a combination of Warner Bros. and Comcast’s NBCUniversal would have a market share that “exceed 43%.”

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What next?

The bids “are nonbinding, and additional rounds are expected,” the Journal said, but “Warner Discovery has indicated it would like to have the process concluded by the end of the year.” The “Hollywood colossus” might also “ultimately decide not to sell itself to any bidders,” the Times said, and instead pursue its plan to split into two companies.