Warner Bros. Discovery is shopping itself around, and things just got messy. Paramount (via the Skydance-aligned camp) fired off a lawyerly letter saying the sale process is tilted, while Netflix is reportedly in the lead with a mostly-cash bid. Comcast is still in the race, and there is chatter that Prime Video is sniffing around too. So yes, the stakes are high, and the elbows are out.
Paramount says the game is rigged
CNBC says it reviewed a letter from Paramount Skydance questioning the fairness and adequacy of how WBD is running the sale. The language is not subtle.
"It has become increasingly clear, through media reporting and otherwise, that WBD appears to have abandoned the semblance and reality of a fair transaction process, thereby abdicating its duties to stockholders, and embarked on a myopic process with a predetermined outcome that favors a single bidder."
Translation: they think WBD has already decided who wins.
How we got here
Before WBD and CEO David Zaslav formally kicked off this sale process, Paramount had already tried to buy the company multiple times, per CNBC. Zaslav turned down three offers. The last one? $23.50 a share. After that, WBD opened up a full, official sale process to invite bids from elsewhere. You can see why Paramount might feel burned, or at least confused about the rules of engagement.
Where the bidding stands
CNBC reports Netflix has the pole position right now based on WBD’s internal scoring of the deal and its profitability criteria. The key detail: Netflix’s offer is mostly cash. That matters. Also important: everyone bumped up their bids from initial numbers — that includes Netflix, Comcast, and Paramount.
Meanwhile, sources close to Comcast told CNBC the company is keeping its offer disciplined to avoid piling on debt and ticking off shareholders. Sensible, if not splashy.
Who is in the mix (and what they want)
- Netflix: Reportedly the top bidder as of Thursday; offer is mostly cash and lines up well with WBD’s profit-focused criteria.
- Comcast: Still bidding, but staying within strict financial guardrails to avoid extra debt and investor backlash.
- Paramount/Skydance: Filed the complaint letter; previously made three rejected offers, the last at $23.50 per share, before the formal process began.
- Prime Video: Allegedly circling, per the chatter noted alongside the other bidders.
So, is the deck stacked?
The accusation is heavy, but it is, for now, just that — an accusation. What we do know from CNBC’s reporting: all the big bidders have raised their numbers, Netflix’s bid is cash-heavy, and WBD is judging offers through a profitability lens. Whether that lens conveniently favors one buyer over the others is exactly the fight Paramount is picking.
Bottom line: this is a real bidding war, and Netflix has the current lead. If WBD pushes for the most cash and the cleanest close, that tracks. If it keeps looking like one suitor is getting special treatment, expect the complaining to get louder — and possibly more formal.