Warner Bros. Discovery has received second-round bids from Paramount, Netflix, and Comcast, setting up a pivotal decision for the company’s board as it evaluates competing cash offers for one of Hollywood’s largest film and television groups, according to the Hollywood Reporter.

The updated proposals were submitted on Monday. Netflix shifted to an almost all-cash structure after its initial bid relied heavily on stock. Paramount tabled an all-cash offer financed by private equity group Apollo and unnamed Middle Eastern sovereign wealth funds. The support structure would allow David Ellison and RedBird Capital to retain full control of Paramount if the bid succeeds.

Paramount is the only party seeking to acquire all of Warner Bros. Discovery. Comcast and Netflix have expressed interest in the studio and streaming business but want to avoid the linear TV assets. The WBD board may invite a third round of bidding or select a preferred buyer to begin negotiating a definitive agreement.

Regulatory dynamics will play a central role. Sources close to the Trump administration indicated that the Ellison-backed Paramount bid could face a smoother approval process, while Netflix and Comcast may encounter tougher scrutiny.

Any sale would include the Warner Bros. film and TV studios, HBO and HBO Max, and major franchises such as DC, Harry Potter, and Friends. The outcome will also determine the future of WBD’s theatrical strategy after a strong year under studio leaders Michael De Luca and Pamela Abdy.

Sports rights add further complexity. WBD retains significant MLB and NHL contracts, half of March Madness, the French Open, and other key properties. Their fate depends on whether WBD sells the entire company or continues pursuing a corporate split.

CEO David Zaslav’s future is also in focus. Paramount has reportedly offered him a major role, and rival bidders may consider similar moves as part of broader negotiations.

The WBD board is expected to decide whether to push for improved terms or move toward selecting a winning bid in the coming weeks.

If you think we missed any important news, please do not hesitate to contact us at [email protected].

Can`t stop reading? Read more.