Hollywood is gearing up for a major bidding war as Warner Bros. Discovery fields first-round takeover offers from Paramount, Skydance, Comcast, and Netflix. Skydance’s David Ellison kicked off the race with multiple bids, and WBD is now seeking about $30 per share as its valuation surges. Shares nearly doubled in recent weeks and traded higher pre-market after closing at $23.09.
00:00It's Benzinga bringing Wall Street to Main Street.
00:02Hollywood is preparing for a major bidding war over Warner Brothers Discovery as top industry players submit first-round offers amid the studio's sharply rising valuation.
00:11Warner Brothers Discovery is drawing competing offers from Paramount, Skydance, Comcast, and Netflix after putting itself up for sale, according to Axios.
00:18Paramount Skydance sparked the bidding after David Ellison made multiple offers, including a recent $23.50 per share bid.
00:25Warner Brothers Discovery is now pushing for about $30 per share.
00:28Comcast is evaluating in combination with NBCUniversal, while Netflix is considering its largest ever deal to add major franchises to its platform.
00:36Shares have nearly doubled since Ellison's initial interest and were trading higher before the bell on Thursday after closing at $23.09 on Wednesday.
00:44The company's market cap is currently about $58 billion.
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