Warner Bros. Discovery filing details $25 billion cash offer from unnamed bidder

Warner Bros. Discovery said on Wednesday that a fourth company had submitted a bid to acquire the media group in November, in addition to offers from Netflix, Paramount, Skydance and an unnamed bidder referred to as Company A.

In a filing with the Securities and Exchange Commission, the company said it received bids on November 20 from Netflix and Paramount, as well as from two other parties identified as Companies A and C. The offers covered all or parts of Warner Bros. Discovery’s business.

According to a media report, Company A could be Comcast, citing the filing’s description of a bid focused on the company’s film and streaming assets, similar to a proposal previously linked to Comcast. Warner Bros. Discovery did not name the company. The filing described Company C only as a U.S.-based media company.

The company disclosed details of Company C’s proposal in the filing. It said the founder of Company C contacted Chief Financial Officer Gunnar Wiedenfels on October 23 to express “interest in a potential transaction with the WBD Global Networks Business.”

According to the filing, Company C later proposed acquiring Discovery Global and a 20% stake in Warner Bros. Discovery’s streaming and studios business, including HBO Max, for $25 billion in cash. The proposal also included a 90-day exclusivity period.

The company said the bid did not advance to the next stage of talks. “The attendees discussed appropriate feedback for each bidder, with the intention of keeping PSKY, Netflix and Company A engaged in the process and improving their proposals. WBD determined that Company C’s proposal was not actionable at that time,” the filing read.

The filing also detailed Comcast’s proposal, which it said valued Warner Bros. Discovery’s interest in a combined business with NBCUniversal at $81 billion. Comcast, which the filing suggests may be Company A, proposed valuing Warner Bros. Discovery’s streaming and studio assets at $35.43 per share.

Warner Bros. Discovery ultimately accepted Netflix’s offer, which valued the company at $27.75 per share through a combination of cash and stock.