Following yesterday’s deadline for second round bids to acquire Warner Bros Discovery, new details about Netflix’s attempt to acquire the company.
According to Bloomberg, the streamer submitted a “mostly cash” bid for WBD’s film studios and HBO Max streaming service.
The report states that Netflix is working on a bridging loan that “totals tens of billions of dollars”.
Paramount and Comcast are also thought to have submitted second round bids. According to Bloomberg, Paramount’s submission includes debt financing from Apollo Global Management Inc (which originally tried to acquire Paramount before Skydance won out).
The latest set of bids could lead to WBD entering a period of exclusive negotiations with one of the companies, meaning any possible deal could happen quickly. WBD has previously set a deadline of Christmas to make a final decision public.
Of the three interested parties, it’s thought Paramount is the only company looking to acquire WBD as a whole. Comcast and Netflix are reportedly interested in the company’s studios and streaming business, which would either require its linear TV channels to become a separate entity or for WBD to find a new buyer for them.
