Paramount Skydance is challenging Warner Bros. Discovery’s sale process, claiming unfairness. Second-round bids from Paramount, Netflix, and Comcast have been submitted. Reports suggest WBD management favors Netflix’s offer over Paramount’s. Netflix offers cash, while Paramount’s latest bid was all cash. Netflix leads in bidding based on WBD’s valuation. Comcast remains disciplined to avoid angering shareholders. WBD expects to announce a winner soon.

Paramount has been trying to acquire Warner Bros. Discovery since September. WBD rejected three Paramount offers before launching a formal sale process. Netflix and Comcast are only interested in WBD’s streaming and film studio business. Before the sale process, WBD started splitting into Warner Bros. and Discovery Global. Paramount believes Zaslav has been biased against a merger with them.

Paramount is concerned about WBD’s resistance to a merger with them, citing media reports. WBD management reportedly favors a deal with Netflix, with reports of “chemistry” between the managements. Paramount seeks confirmation if WBD has appointed an independent special committee. Paramount urges WBD to ensure a fair and unimpeachable transaction process for maximum value for shareholders.

Read more at CNBC: Paramount letter questions Warner Bros. Discovery sale process