New York Post·2025-12-02 23:12Core Viewpoint - Warner Bros. Discovery (WBD) is currently evaluating offers from Netflix and Paramount Skydance for its assets, with indications that WBD may prefer Netflix's bid due to closer relationships and perceived better stewardship of assets [2][3]. Bidder Offers - Netflix has proposed a majority cash offer to acquire Warner Bros. studio and HBO Max, while Paramount Skydance has made an all-cash bid for the entire company, including CNN and HBO [2]. - WBD could select a winning bidder as soon as this week, with insiders suggesting a "50-50" chance between the two bidders [2]. Strategic Positioning - Insiders suggest that WBD's board views Netflix as a "better steward" for its assets compared to the Ellisons of Paramount Skydance, who are relatively new to major media [3]. - If WBD opts for Netflix, the Ellisons plan to approach WBD shareholders directly, akin to a hostile bid, arguing that the Netflix deal may face regulatory hurdles [4][5]. Regulatory Concerns - The Ellisons will contend that their offer is more likely to pass regulatory scrutiny, claiming that shareholders would receive immediate payment for the entire company [5]. - A potential Netflix-WBD merger could encounter significant opposition from antitrust regulators, particularly in the U.S. and Europe, due to the horizontal nature of the assets involved [9][10]. Competitive Landscape - Paramount Skydance argues that its bid involves minimal overlap, primarily combining Warner's studio with its own, which may not raise monopoly concerns [11][15]. - Comcast has also submitted a second-round offer but may face challenges due to its financial position and strained relationships with key political figures [15][17].