Warner Bros Discovery has asked potential buyers to submit new, improved offers by December 1, according to a Bloomberg report.
The company, which put itself up for sale last month, received an initial round of bids from Paramount Skydance, Comcast, and Netflix last week.
Bloomberg reported that Warner Bros may enter a period of exclusive negotiations with one of the companies after reviewing any improved offers.
The media giant, led by CEO David Zaslav, formally put itself up for sale last month after receiving three bids from David Ellison’s Paramount Skydance, which were rejected.
Comcast and Netflix have both hired investment banks to explore a deal.
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Comcast and Netflix are mainly interested in the Warner Bros movie and television studios and the HBO Max streaming service, but not its cable network holdings, which include CNN, TNT, and Discovery Channel.
On the other hand, Paramount Skydance is looking at acquiring the entire company.
WBD has indicated that it believes the sale process can be concluded by late December 2025, although the transaction may require at least a year to be cleared by regulators.
Warner Bros. Discovery recently announced plans to split into two publicly traded companies, separating its cable TV networks from its studios and streaming businesses. Discover more here.
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