Paramount, Comcast, and Netflix have all submitted bids to acquire either all or parts of Warner Bros. Discovery, marking a significant turning point for the media industry.

The bids were submitted ahead of Thursday’s deadline for non-binding offers, according to DEADLINE, citing sources.

A subsequent round will follow, where bidders can submit final, binding proposals after details are finalized.

Though expected, the competition for WBD could reshape United States Hollywood amid growing uncertainty in the tech sector, the rise of AI, and rapidly shifting audience behaviours.

WBD has indicated that it expects the sale process to conclude by late December, though regulatory approval could take at least another year.

The future of WBD, home to the legendary Warner Bros. studio, premium TV powerhouse HBO, news pioneer CNN, and DC Comics, has dominated Hollywood headlines in recent weeks.

Paramount currently leads the race, largely because its bid targets the entire company, including its underperforming cable networks.

Netflix and Comcast, meanwhile, are focused on acquiring WBD’s studios and streaming assets.