Just weeks after Warner Bros. Discovery formally put itself up for sale, the bidding process has accelerated… and Netflix has now stepped in with a mostly cash offer that’s drawing significant attention across the media industry.

According to reports… Netflix, along with Paramount Skydance and Comcast, submitted updated bids in a second round that wrapped over the long Thanksgiving weekend. The offers are described as binding, giving the Warner Bros. board the ability to approve a deal quickly if the terms align with its expectations.

Netflix’s proposal reportedly includes a bridge loan totaling tens of billions of dollars, a notable shift for a company that has historically avoided large, debt-driven acquisitions. The streamer is primarily interested in the Warner Bros. film studio and the HBO Max streaming platform… two assets analysts say could materially strengthen Netflix’s content pipeline and global reach.

Paramount’s all-cash bid is also backed by a deep-pocketed coalition, including support from Larry Ellison’s family and debt financing from Apollo Global Management. Middle Eastern investment funds are said to be part of the package as well. Comcast’s interest remains focused on the studio business and HBO Max rather than the full company.

While all three bids are binding, none have been described as final. Warner Bros. is expected to review any additional offer that meets or exceeds its price target.

Warner Bros. stock rose as much as 1.8% on Tuesday to $24.30, valuing the company at roughly $60 billion. The company is reportedly aiming for about $30 a share, a level longtime executive John Malone has said could be “possible” if the right terms come together.

The potential sale comes during one of the most active consolidation periods the media industry has seen in years… following Skydance’s recent $8.4 billion merger with Paramount Global and amid mounting pressure on legacy media companies to streamline operations.

Warner Bros. began formally exploring alternatives in October after receiving multiple unsolicited takeout offers, including earlier proposals from Paramount. The company has already outlined plans to separate its cable networks into a standalone entity, Discovery Global, as early as mid-2025.

If Netflix or Comcast were to acquire the studio and HBO Max, Warner Bros. would move forward with its planned spinoff while transitioning its remaining cable properties into the new unit.

Bids were due December 1, and the company has signaled interest in moving quickly. With binding offers now in hand and valuation targets clearly defined, the auction process could be over in just a few days… and we’ll finally know who the winner is.

At the time of publishing this article, Stocks.News holds positions in Netflix as mentioned in the article.