According to sources familiar with the matter, Warner Bros. Discovery has asked potential buyers to submit revised acquisition offers by December 1.
Last month, Warner Bros. Discovery announced it was exploring sale options and has since received preliminary bids from competitors including Paramount Global, Comcast, and Netflix.
Insiders revealed that after evaluating any improved offers, Warner Bros. Discovery may enter exclusive negotiations with one of the bidders.
Paramount Global is expected to bid for all of Warner Bros. Discovery’s businesses, including its cable TV networks. The bid is backed by Paramount’s controlling shareholder, billionaire and Oracle co-founder Larry Ellison, one of the world’s wealthiest individuals.
A potential merger would strengthen Paramount’s presence in cinemas, giving it a 32% share of the North American theater market, according to Comscore data. It would also bolster its streaming services by combining HBO Max with Paramount+.
Since news broke in September about Paramount’s interest in acquiring Warner Bros. Discovery, Warner’s stock has surged 83%. The shares closed at $22.96 on Tuesday.
The media giant previously announced plans to split into two publicly traded companies, separating its studio and streaming businesses from its declining cable TV networks.
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