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According to the Wall Street Journal, Paramount Skydance (PSKY), Comcast (CMCSA), and Netflix (NFLX) are reportedly preparing bids for Warner Bros. Discovery (WBD) ahead of the November 20 deadline, drawing significant industry attention as consolidation reshapes the media landscape. PSKY, which recently completed its combination with Skydance and surprised the market with robust Q3 results, highlighted by a 24% revenue surge for Paramount+, remains determined to acquire the entirety of WBD, including cable networks (TNT, TBS, CNN, Discovery), the streaming business (HBO Max), and studio operations.

• PSKY’s $23.50 per share bid was rejected, but its integration strength and DTC momentum still position it as a resilient bidder.
• CMCSA and NFLX are interested only in WBD's streaming and studio assets, a move reflecting ongoing cord-cutting pressures and WBD’s 23% decline in linear network revenue last quarter despite flat streaming growth and 2.3 mln net new subs.
• NFLX could use WBD’s content library and HBO Max to build a formidable competitive moat, unlocking global synergies with its tech stack.
• CMCSA’s hybrid cable/streaming model would be strengthened by absorbing WBD’s streaming assets, helping offset linear TV erosion.
• WBD is weighing a full or partial sale versus splitting into standalone "Warner Bros." (streaming/studios) and "Discovery Global" (cable), with a decision expected in December.
• A sale delivers immediate liquidity and exits legacy risk, while a split could unlock separate valuations over time, though with more operational complexity.

Briefing.com Analysis:

Ultimately, WBD management must persuade shareholders that a split would deliver greater long-term returns than a sale, especially if buyers make compelling all-cash offers. PSKY’s whole-company bid - leveraging post-merger momentum - may appeal if shareholder liquidity and conglomerate synergy are prioritized. However, NFLX or CMCSA’s interest in only streaming/studio assets bolsters the case that legacy cable networks may be best decoupled. Across the industry, intensifying consolidation points to competitive pressure amid fragmenting consumer attention and rising content costs. PSKY is seeking scale; WBD is at a crossroads; NFLX and CMCSA crave premium content and platform extensions; and Disney (DIS) faces similar pressures to maintain dominance through asset aggregation.