Comcast, Netflix, Paramount preparing bids for Warner Bros

Comcast Corp, Netflix Inc and Paramount-Skydance Corp are preparing formal bids for Warner Bros Discovery, the Wall Street Journal reported late Thursday.

According to WSJ sources familiar with the matter, the firms have an initial deadline of November 20 to submit nonbinding first-round bids for the New York-based media and entertainment conglomerate.

In response, WBD shares jumped 3.7% in extended trade on Thursday in New York after closing down 0.2% at USD22.14.

WBD is holding the auction process in the hopes of having it completed by the end of the year, WSJ sources said.

Philadelphia-based media company Comcast and Los Gatos, California-based streaming platform Netflix are targeting Warner Bros' movie and television studios, not its cable television holdings.

Paramount Skydance Corp also plans to participate. Previous unsolicited offers made by the David Ellison-owned conglomerate were spurned by WBD.