The holiday weekend was quiet for most people, but not for the lawyers and bankers huddled around the future of Warner Bros. Discovery $WBD ( ▲ 1.96% ) . A new round of bids rolled in from some of the industry’s biggest players, and Netflix $NFLX ( ▲ 0.64% ) reportedly came in with one of the boldest moves so far.
Netflix is said to be offering a mostly-cash bid for WBD’s studio business and the HBO Max platform, according to Bloomberg. The streaming giant is already the world’s biggest subscription service, so picking up HBO’s premium library and Warner Bros.’ massive film catalog would be a serious power-up.
Comcast $CMCSA ( ▼ 2.35% ) is pitching a similar idea. It wants to fold the same pieces of WBD into NBCUniversal, creating a heavyweight entertainment bundle that would slot HBO content next to Universal’s. In both scenarios, WBD could still push ahead with spinning off its core cable networks like CNN.
Other suitors are not aiming for pieces. Some want the whole WBD package, which could push the price near $75 billion if bidders meet the $30 per share that Warner executives reportedly want. Anyone who takes it all would get HBO, Warner Bros. Studios, CNN, DC Comics, Discovery, and one of the deepest IP libraries in media.
Analysts at Bank of America called the moment a potential turning point for the entire industry, noting that global media may be heading into its most significant reshuffling in decades. With Netflix, Comcast, Paramount Skydance, and others trying to grab pieces of WBD, the next few weeks could define who controls the next era of streaming and entertainment.