The race for Warner Bros. is officially entering its next—and most chaotic—phase. According to multiple industry outlets, Warner Bros. Discovery has now told potential buyers to submit a second round of bids by Monday, signaling that the first offers weren’t big enough and the studio wants stronger offers before narrowing the field.
The opening round of bids in the Warner Bros. sale reportedly fell short of Zaslav’s goal of $30 per share (a $70 billion valuation). Industry watchers have claimed that he’s unlikely to get that amount, but this second round of Warner Bros. bids signals that he’s determined to at least get as close as possible.
Warner Bros Discovery Logo
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Sources confirmed by Bloomberg, Deadline, and Variety all paint the same picture: this process is accelerating, and the studio wants clearer frontrunners as soon as possible. Variety even referenced Paramount Skydance CEO David Ellison’s insistence that the entire sale is “a confidential process,” which lines up perfectly with the tight-lipped approach taken by all parties involved.
The outlet emphasized that the bidders aren’t able to publicly clarify or correct the growing rumors because of the strict confidentiality agreements governing the sale.
Who’s Actually Bidding?
At the moment, there are three primary contenders—each with very different intentions for the legendary studio:
Paramount Skydance
Ellison’s team wants the entire company, including cable networks like CNN.
David Ellison in an interview with Bloomberg – YouTube, Bloomberg Podcasts
This gives Paramount a key advantage. They’re willing to take on the parts of WBD that other bidders don’t necessarily want. And in an acquisition this massive, being the only one willing to buy the whole package can earn you serious points.
Netflix
Netflix only wants the Warner Bros. film and TV studios along with HBO. The streaming giant is not interested in linear cable networks.
Netflix Co-CEO Greg Peters in an interview with Bloomberg – YouTube, Bloomberg Live
Given Netflix’s long-standing reputation for dumping its original films directly onto streaming theatrical runs hitting just the bare minimum for awards considerations, theater owners are sweating bullets about what a Netflix-owned Warner Bros. might look like.
The company has claimed it would keep WBD films in theaters—but that’s a “trust me bro” statement until proven otherwise. James Cameron recently referred to Netflix’s theatrical vow as “sucker bait.”
Comcast (NBCUniversal)
Like Netflix, Comcast wants the studios but not the traditional cable channels.
Comcast CEO Brian Roberts sits for an interview – YouTube, Bloomberg Live
Merging NBCUniversal with Warner Bros. would create one of the largest entertainment libraries ever assembled—something that would send antitrust regulators into cardiac arrest just thinking about it.
The CNN Factor
It’s no secret that CNN is the world’s most unwanted gift in this sale. Virtually no one wants it—except, reportedly, Paramount Skydance.
A screenshot from CNN – YouTube, CNN
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That alone could boost Paramount’s odds. If Netflix and Comcast won’t take CNN and Paramount Skydance will, that’s the kind of thing that simplifies negotiations dramatically. Rumors claim Paramount would attempt to bring the left-leaning news network more to the center and place it under the direct supervision of The Free Press founder Bari Weiss.
Rumors, Whispers, and Wildcards
The rumor mill is running at full speed. Reports have floated everything from:
- Middle Eastern sovereign wealth funds trying to join the bidding
- Zack Snyder potentially returning to DC if certain bidders win (perhaps the most exhausting rumor)
- A Rush Hour 4 distribution twist requested by President Trump himself
HOLLYWOOD, CALIFORNIA – DECEMBER 13: Zack Snyder attends the Netflix Premiere of Zack Snyder’s REBEL MOON – Part One: A Child of Fire at TCL Chinese Theatre on December 13, 2023 in Hollywood, California. (Photo by Charley Gallay/Getty Images for Netflix)
While much of this talk falls into the “industry chatter” category, the uncertainty surrounding DC—already a lightning rod for fans—only adds more pressure to the sale. Whoever wins isn’t just buying a studio. They’re buying one of the most historically significant film libraries on Earth.
The Clock Is Ticking
Warner Bros. Discovery reportedly wants to wrap this up before Christmas, meaning the next few weeks could transform the entire entertainment landscape. Fans, theater owners, analysts, investors, and yes—even James Gunn—are all watching with anxious anticipation.
WBD CEO David Zaslav Speaks at a New York Times event – YouTube, New York Times Events
When the dust settles and all bids are considered, one company will walk away with the keys to Warner Bros., HBO, and a century of cinematic history. And judging by the speed of these Warner Bros. bids, we won’t be waiting long to find out who wins.
Who do you think will come out on top in this second round of Warner Bros. bids? Sound off in the comments and let us know!
Given they haven’t traded above $30 per share in 3.5 years and are currently sitting at roughly $23.50, which itself has been boosted from $21 over the last month due to these very talks, I concur with the analysts. I think it very unlikely he gets close to $30/share.
My purely uneducated guess, with no inside knowledge what-so-ever is, barring a surprise fourth player, willing to vastly overpay, Paramount Skydance will get it done for $26 – $27/share and their willingness to take on CNN.