Warner Bros. Exploration (WBD.US) takeover war heats up: Netflix (NFLX.US) leads with high prices but is being questioned about “procedural fairness”

The Zhitong Finance App learned that, according to a person familiar with the matter on Thursday, Netflix (NFLX.US) had the highest bid among the many buyers bidding for Warner Bros. Discovery (WBD.US), which made competition for this deal, which could reshape the media industry, more intense. According to reports, Netflix has submitted a plan to acquire its intended assets, 85% of which are paid in cash. Earlier, it was reported that the streaming giant plans to acquire Warner Bros. Discovery's studio and streaming division, and is expected to reduce streaming costs for consumers by bundling Netflix with HBO Max.

According to reports, Paramount Skydance Corp. (PSKY.US) previously accused Warner Bros. Exploration of unfair practices in the sale process, favoring Netflix over other bidders.

According to a copy of the letter, Paramount Skydance's legal team raised concerns about the “fairness and sufficiency” of the bidding process in a letter to Warner Bros. Discovery CEO David Zaslav, citing reports that Warner Bros. Exploration's management favors Netflix's proposal.

According to the letter, Paramount Skydance, led by David Ellison, has asked Warner Bros. Explore to confirm whether an independent special committee composed of unbiased board members has been formed to evaluate offers and oversee the sale process.

In its letter, Paramount Skydance's legal team said: “We strongly urge you to authorize the establishment of such a special committee whose members are directors free from potential bias or from outside forces that conflict with shareholders' interests.”

Following this, Warner Bros. Discovery is seeking another round of bid offers before Thursday ends. In fact, Warner Bros. Discovery received mark-up takeover offers from potential bidders Paramount Skydance, Comcast (CMCSA.US), and Netflix earlier this week after the company asked them to increase their initial offer submitted at the end of November.

According to information, Warner Bros. Exploration received news of acquisition intentions from several companies in October 2025. At that time, Warner Bros. Exploration's board of directors officially initiated a strategic evaluation process due to receiving active contacts from various parties. Currently, the bidding war has reached a heated stage.

The main bidders in this campaign include Netflix, Comcast, and Paramount Skydance. Among them, Paramount Skydance sought to acquire the entire company. In October of this year, Warner Bros. Discovery's board of directors rejected Paramount Skydance's $60 billion takeover offer and then began the formal sale process.

Additionally, Comcast's proposal is to merge its NBCUniversal (NBCUniversal) business with Warner Bros. Explore to create a larger media giant. Its offer involves a mix of cash and stocks.