The latest details of the ongoing bidding process for Warner Bros. Discovery are coming to light.
On Monday, Bloomberg’s Lucas Shaw reported scoops relating to bids submitted by both Paramount and Netflix, two of the three known suitors for Warner Bros. Discovery, with Comcast being the third. Perhaps the most surprising update came after Bloomberg’s initial report, when Shaw reported that Paramount has submitted a “100% cash” bid which is “supported by debt financing from Apollo and Middle Eastern sovereign wealth funds.”
Paramount’s initial offer included 80% cash and 20% stock.
Paramount has submit a bid for WBD that is 100% cash, supported by debt financing from Apollo and middle eastern sovereign wealth funds.
— Lucas Shaw (@Lucas_Shaw) December 2, 2025
It is not the first time that Paramount’s potential bid for Warner Bros. Discovery has been tied to sovereign wealth funds overseas, though the company vehemently denied a November report from Variety suggesting the company was exploring that route. Variety subsequently retracted the majority of its report.
Shaw reports that, while Middle Eastern backers are contributing to the bid, most of the offer is backed by Oracle founder Larry Ellison, father of new Paramount owner David Ellison.
The report of Paramount’s 100% cash bid comes shortly after Bloomberg also reported that Netflix had submitted a sweetened bid that includes a “mostly cash” offer.
Both updates would serve to suggest that the bidding process is becoming highly competitive.
Paramount remains the only company interested in buying the whole of Warner Bros. Discovery, which includes the TNT Sports cable assets. Netflix and Comcast, on the other hand, are only interested in the streaming and studios assets. Should Netflix or Comcast win the bidding war, Warner Bros. Discovery would likely continue a planned split off of its legacy assets into a company called Discovery Global.
The backing of sovereign wealth funds adds another wrinkle to what will already be a tricky approval process for both federal and state regulators. Most analysts speculate that Paramount is in pole position on that front given the Ellisons’ cozy relationship with the Trump administration. It’s likely that all three companies will face some level of regulatory scrutiny regardless of the opinions of the President, however.
About Drew Lerner
Drew Lerner is a staff writer for Awful Announcing and an aspiring cable subscriber. He previously covered sports media for Sports Media Watch. Future beat writer for the Oasis reunion tour.