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Warner Bros. Discovery has invited improved takeover offers from interested parties by this Monday, December 1.
The media giant, which has properties including HBO, Discovery, TNT Sports, CNN, Warner Bros. and DC, is being sought for acquisition by three other media companies.
WBD is valued at around $50 billion (£37.8 billion) but has rejected initial offers from Comcast, Netflix and Paramount Skydance as too low.
The implications for a potential takeover on the UK TV market are currently unclear; Comcast is the owner of Sky and could result in a tantalising tie-up between Sky Sports and TNT Sports, although the ensuing monopoly of Premier League rights may be a competition concern.
Meanwhile, a Paramount takeover would see the likes of 5, MTV, Nickelodeon and Paramount+ – recent winner of the UK Champions League rights – join with the soon-to-launch HBO Max, discovery+, TNT Sports and CNN.
Netflix is thought to have committed to maintaining the release of future Warner Bros. in cinemas should it be successful with its bid.
A further update on the situation is expected next week.
