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Netflix makes mostly cash offer for Warner Bros Discovery - report
(Sharecast News) - Movie studio and broadcaster Warner Bros Discovery is reportedly sifting through a second round of bids, including a mostly cash offer from streaming giant Netflix, in an auction that could finish in the coming days or weeks.
Bankers for Paramount Skydance, Comcast and Netflix worked over the long Thanksgiving weekend on improved offers for all or part of Warner Bros, news agency Bloomberg reported, citing unnamed sources.
Paramount's offer, while largely backed by the family of Oracle Corp co-founder Larry Ellison, includes debt financing from Apollo Global Management. Middle East funds were also contributing, the report stated.
The bids are binding, meaning Warner could green light a deal quickly if its goals are met, although another bid would be considered if the terms are attractive, the sources said.
Netflix, the streaming industry leader, is reportedly working on a bridge loan that totals tens of billions of dollars.
Last week, the producer of the Harry Potter franchise and Succession TV series asked bidders to submit improved offers by December 1 after receiving preliminary buyout bids from Paramount Skydance, Comcast and Netflix.
Warner rejected Paramount's mostly cash offer of nearly $24 a share for the company, valuing it at $60bn, and publicly announced it would evaluate strategic options for the studio.
The parent of HBO, CNN and its namesake film studio, officially put itself up for sale in October after receiving multiple unsolicited offers for all or part of the company. Paramount started the process with three offers for all of the company, including its cable TV networks.
Comcast and Netflix are interested only in the Warner studios and the HBO Max streaming service. Should one of their bids be accepted, Warner would continue with plans to spin off its cable channels as Discovery Global under plans put forward in June to separate its studio and streaming business from its traditional cable television networks.
Reporting by Frank Prenesti for Sharecast.com
The spinoff could occur by the middle of next year.
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