Media giants circle as Warner Bros Discovery bidders are pushed to raise offers

Warner Bros Discovery is pressing interested buyers to return with stronger proposals as it continues a formal review of strategic options for its business. According to reports, the company has asked Warner Bros Discovery bidders to submit improved offers by December 1, signalling that initial interest from several major media players has not yet met valuation expectations.

News agencies have reported that potential suitors include Paramount Skydance, Comcast and Netflix. Each is said to be looking at different ways to integrate parts of Warner Bros Discovery into its own portfolio, with some focused on specific assets and others weighing a broader takeover.

The current process follows the company announcement in October that it had begun a detailed examination of strategic alternatives. At that time, president and chief executive David Zaslav said the group was preparing to separate into two distinct media companies, Warner Bros and Discovery Global, in a move described as a bold step.

The new wave of interest comes after Warner Bros Discovery rejected an earlier takeover proposal from Paramount Global and Skydance Media, saying that the price offered was too low. Since then, David Ellison, who recently took control of Paramount, has reportedly made three bids, with the most recent said to be around 23 point 50 dollars a share. All have been turned down, with analysts suggesting the company is looking for a level closer to 30 dollars a share.

While Paramount is seen as interested in acquiring the entire company, Comcast and Netflix are understood to be looking primarily at the film and television library. That collection includes franchises such as Batman and Harry Potter, which are viewed as highly valuable in a streaming landscape that relies heavily on recognisable brands and deep catalogues.

If Comcast were to succeed, analysts say it could merge Warner Bros with NBCUniversal, creating a studio and streaming entity with significant scale across film, television and digital platforms. Such a combination would likely reshape competition in both the United States and international markets.

A move by Netflix would be different in structure but equally significant. Access to long running franchises and a wider library could strengthen its position as streaming competition intensifies. Paramount, meanwhile, is seen as betting that a full acquisition could provide the content depth and scale needed to accelerate its own transformation.

The bid process takes place against a backdrop of consolidation across global media as companies respond to pressure on traditional television, rising streaming costs and changing consumer behaviour. Warner Bros Discovery has already undertaken major restructuring steps in recent years in an effort to reduce debt and refocus its portfolio.

By calling for revised offers, the company appears intent on extracting maximum value from any potential transaction, whether that results in asset sales, a split or a broader deal. Market observers will be watching the next round of bids closely to see which suitors remain in contention and what shape a final agreement, if any, might take.

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