Netflix offers mostly cash for Warner Bros Discovery in new bid round

Michelle F. Davis, Lucas Shaw and Josh Sisco

Bloomberg·

2 Dec, 2025 06:29 PM2 mins to read

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Warner Bros. Discovery received bids from Netflix, Paramount, and Comcast, with Netflix offering mostly cash. Photo / Getty Images

Warner Bros Discovery Inc fielded a second round of bids, including a mostly cash offer from Netflix Inc, in an auction that could wrap up in the coming days or weeks, according to people familiar with the discussions.

Bankers for Paramount Skydance Corp, Comcast Corp and Netflix worked over the
long Thanksgiving weekend on improved offers for all or part of Warner Bros, said the people, who asked not to be identified discussing non-public information.

Paramount’s all-cash offer, while largely backed by the family of Oracle Corp co-founder Larry Ellison, includes debt financing from Apollo Global Management Inc Middle East funds are also contributing, the people said.

The offers are binding, which means the board is in a position to sign off on a deal quickly if its goals are met, one of the people said. The company hasn’t described the latest offers as final, however, and another bid would be considered if the terms are attractive.

Netflix, the streaming industry leader, is working on a bridge loan that totals tens of billions of dollars, one of the people said.