Media and entertainment giant Warner Bros. Discovery (WBD), with its impressive sports rights portfolio, is the subject of three separate acquisition bids.
WBD had set a deadline for non-binding bids of last Thursday (November 20), and a trio of heavyweights have now reportedly submitted offers, including Comcast, Netflix, and Paramount, which had an earlier bid rejected in late October.
There is now set to be another round of bidding, following which stage bidders will then have the chance to submit binding offers.
WBD, which owns the TNT Sport brands in both the Americas and the UK, as well as Eurosport, reportedly believes the sale process can be finalized by the end of December, although regulatory approval for the deal might then take another year.
It has been reported over recent weeks that Paramount has become the front-runner to take over WBD, given its bid is for the entirety of that heavyweight. The submissions by Comcast and Netflix, on the other hand, are only for WBD's studios and streaming divisions.
Paramount's initial interest in WBD was first revealed in mid-September.
In terms of sports rights, late last week, Paramount announced its acquisition of rights in the UK to the top-tier men's pan-European UEFA Champions League soccer competition.
WarnerMedia (as was) combined with Discovery in 2022, with that agreement worth $43 billion.
In terms of its major rights, WBD in the US has a domestic rights stable that includes the French Open tennis grand slam, Major League Baseball, college football, and ice hockey’s NHL, as well as an expansive international portfolio that also includes the HBO Max over-the-top service.
Earlier this year, WBD announced a major split into two publicly traded companies, separating its studios and cable businesses.
The new Streaming and Studios company will consist of Warner Bros. Television, Warner Bros. Motion Picture Group, as well as DC Studios, HBO, and HBO Max. The Global Networks creation, meanwhile, will "include premier entertainment, sports, and news television brands around the world," including TNT Sports in the US, Discovery, as well as the Discovery+ streaming service.
The separation of these two entities is expected to be complete by mid-2026, subject to final conditions such as final approval from the WBD board. David Zaslav, president and chief executive of WBD, will take those same roles in Streaming & Studios, while Gunnar Wiedenfels, the company's chief financial officer, will serve as president and chief executive for Global Networks.
