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amassed media

Netflix reportedly made a mostly cash offer for Warner Bros. Discovery over the weekend

The WBD bidding war is heating up — what will the winner get?

12/3/25 5:40AM

To the victor belong the spoils… and, possibly, the world of film and TV as we know it.

While we enjoyed the long holiday weekend, a host of huge names like Paramount Skydance, Comcast, and Netflix had their bankers and lawyers working on a new round of bids for Warner Bros. Discovery, according to new reports.

Whichever way you slice it

The latter of those companies, Netflix, already long the biggest streaming service in the world, is reportedly interested in just the studio business and HBO Max streaming platform from WBD, offering a bid consisting mostly of cash for those assets, Bloomberg reported at the start of the week.

Comcast has a similar idea. The telecoms and media giant wants to merge the same two segments with its NBCUniversal division, meaning that a successful bid from either would mean that Warner Bros. Discovery — the home of mega media brands like HBO and CNN as well as huge chunks of IP like the “Harry Potter” franchise and DC Comics characters via its studio business — could still go ahead with plans to spin off its major networks, per the reporting.

But what of the companies that want the entire WBD pie? What would they get in a deal that could nudge toward the $75 billion mark, if suitors stump up the $30-per-share price that Warner execs want?

In a particularly dramatic-sounding Bank of America note on Monday, a group of analysts wrote: “The global media industry stands at the precipice of historic transformation.” Still, when you look at the brands under the Warner Bros. Discovery umbrella (assembled after a merger between the companies that make up each half of its name) and consider the behemoths that could one day possess some of them, the BofA writers might have a point.

Claire Yubin Oh

Scentsible

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Netflix is down amid reports it’s leading the Warner Bros. bidding war as Paramount cries foul

Netflix’s charm offensive appears to be working.

Netflix is reportedly emerging as the leader in the bidding war for Warner Bros. Discovery after second-round bids this week, edging out entertainment juggernaut rivals Comcast and Paramount Skydance.

Investors don’t appear psyched by the streaming leader’s turn of fortune: the stock is down on Thursday morning, a day after closing down nearly 5% following reports that scooping up HBO Max wouldn’t necessarily result in a big market share boost.

Paramount, which has reportedly made five bids for Warner Bros. Discovery, doesn’t love the current state of play, either. The company sent WBD a letter questioning the “fairness and adequacy” of the process, highlighting reports that WBD’s board favors Netflix and is resisting Paramount.

Any offer would be subject to regulatory approval — a fact that may have weighed against Netflix’s offer given that cofounder Reed Hastings’ politics are vocally to the left, very much at odds with the current regulatory regime. Paramount seems confident in its ability to get approval, reportedly boosting its breakup fee to $5 billion should its potential acquisition fall apart in the regulatory process.

Paramount questions Warner Bros. Discovery on 'fairness and adequacy' of sale process: Read the full letter

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PEAK CONSULTING?

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After three decades of pretty constant growth, the consultancy boom just hit an AI-shaped wall

Accenture has a new deal with OpenAI — did ChatGPT’s launch top-tick consulting employment?

Human hand and AI hand on the yellow background

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Delta says the government shutdown will cost it $200 million in Q4

The 43-day government shutdown that ended last month will result in a $200 million ding for Delta Air Lines, the airline said in a filing on Wednesday.

That’s about $100,000 per shutdown-related canceled flight. (Delta previously said it canceled more than 2,000 flights due to FAA flight reductions.) When the company reports its fourth-quarter earnings, the shutdown will lop off about $0.25 per share.

Delta initially stayed calm about the shutdown, with CEO Ed Bastian stating in early October that the company was running smoothly and hadn’t seen any impacts at all. One historically long shutdown later, Delta wasn’t able to remain untouched.

The skies have since cleared, though, and Delta’s filing states that booking growth has “returned to initial expectations following a temporary softening in November.”

Delta’s shares were up over 2% as of Wednesday’s market open.

Delta Air Sees $200 Million Hit from Shutdown Fallout

The skies have since cleared, though, and Delta’s filing states that booking growth has “returned to initial expectations following a temporary softening in November.”

Delta’s shares were up over 2% as of Wednesday’s market open.

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Ready to pounce?

12/3/25

With Puma’s stock under pressure, Chinese giants are circling the storied brand

With 77 years of history behind the brand, 2025 might just be Puma’s worst, as losses have piled up over the last year. At least the company’s new elite running shoe is a winner.