Netflix has submitted the highest bid so far for Warner Bros. Discovery’s studio and streaming assets, according to people familiar with the ongoing sale process. The company’s latest offer, placed on Thursday, has valued the Warner Bros. studio, HBO Max and related assets at around $28 per share.
As per media reports, Paramount has also submitted a new bid on Thursday, estimated closer to $27 per share. However, the two offers have not been directly comparable because Paramount has been attempting to buy all of Warner Bros. Discovery, including CNN and other cable networks, while Netflix and Comcast have only shown interest in the studio and streaming businesses.
The high-stakes bidding war has intensified in recent days and has captivated a wide section of Hollywood, with iconic brands such as HBO and DC Comics hanging in the balance. Leaks from the confidential process have suggested that Netflix now holds the advantage, even as representatives from the companies have declined to comment.
Paramount’s attorneys have written to WBD CEO David Zaslav expressing “grave concerns” about the auction process and have charged that WBD has “embarked on a myopic process with a predetermined outcome that favors a single bidder,” referring to Netflix.
Industry analysts have said the letter could be a precursor to a hostile takeover attempt by Paramount, which has moved aggressively under new CEO David Ellison. Bloomberg has reported that Warner Bros. Discovery and Netflix have entered exclusive talks late Thursday.
