The future ownership of Warner Bros. Discovery could be clarified soon after the media and entertainment group reportedly received more takeover offers.
The company has received a second round of bids, including a cash-based offer from Netflix in an auction that could conclude in the coming days or weeks, according to media reports.
Bankers for Paramount Skydance, Comcast and Netflix worked over the weekend on improved offers for all or part of Warner Bros Discovery, Bloomberg, and Reuters quoted unnamed sources as saying.
Netflix and Warner Bros Discovery declined to comment on the new bids, which were first reported in this Bloomberg story.
Warner Bros. Discovery previously announced it would split into two publicly traded companies, but widened its strategic options to consider offers for all or part of the company.
One company would hold its streaming business and studios like Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, HBO and HBO Max, and its film and television libraries.
The other company would own the global networks businesses, including premier entertainment, sports and news television brands like CNN, TNT Sports, Discovery, free-to-air channels in Europe, and digital products.
A buy-out would continue the consolidation of the media industry after the $84 billion merger of Skydance Media and Paramount Global.
Warner Bros. Discovery (NASDAQ: WBD) shares closed 66 cents (2.76%) higher at US$24.53 on Tuesday (Wednesday AEDT), capitalising the company at $60.78 billion (A$92.8 billion).
