The potential sale of Warner Bros. Discovery (WBD) has progressed to the next crucial stage as Paramount Skydance, Comcast, and Netflix have submitted their initial offers to acquire all or part of the company. Industry sources reveal that WBD’s board will review the bids before Thanksgiving, aiming to make decisions on the next steps by the end of 2025. This development follows WBD’s announcement in October about exploring various strategic options, including a possible sale or division of the company into Warner Bros. and Discovery Global.

Paramount Skydance is reportedly pursuing the full WBD package, encompassing the company’s cable networks, while Comcast and Netflix are primarily interested in the Warner Bros. studio and its streaming assets. Netflix, in particular, has been delving into Warner Bros.’ production capabilities and franchises, indicating serious consideration for an acquisition. The potential impact on animation assets, including Warner Bros. Animation and iconic libraries like Looney Tunes and DC, is significant if a deal goes through.

As the sale progresses, WBD employees are facing further uncertainty amidst the fourth major ownership change in a decade. Paramount Skydance’s recent job cuts post-merger add to the apprehension within the company. Following the initial review, a competitive second round of bids is expected, with regulatory scrutiny likely to extend into the next year if a preferred buyer is chosen by late December.

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