Fresh from the US Thanksgiving weekend, Netflix, Comcast and Paramount Skydance have all fattened up their second-round bids to acquire Warner Bros. Discovery’s assets. 

Unlike the first round, these updated offers are considered binding, which could help accelerate the sales process if WBD’s board picks one of the three suitors to acquire the company’s brands and networks. Of course, CEO David Zaslav could also call for a teeth-grinding third round if he didn’t receive an offer that’s close enough to his reported US$30-per-share sweet spot (worth approximately US$74 billion). 

While WBD is trying to keep the offers out of the public eye, industry insiders say Paramount 2.0’s latest bid is an all-cash deal for the whole company. Axios claims that Paramount’s previous offer was 80% cash and 20% stocks, so how has the David Ellison-backed studio freed up the extra greenbacks? Well, according to Bloomberg‘s Lucas Shaw, Paramount will borrow the difference from private equity firm Apollo and Middle Eastern sovereign wealth funds, despite the company denying Saudi Arabia’s involvement last month. 

Meanwhile, Netflix has reportedly sweetened its offer, but remains adamant that it’s only interested in acquiring WBD’s studios and streaming business. This bid is mostly cash, but sources told The Wall Street Journal that the global streamer will still need to secure well over US$10 billion in financing to fund the acquisition.

Comcast may be seen as trailing in this race, with a weaker wallet than Netflix and Paramount, but it nevertheless submitted a stronger offer, too. Like Netflix, it only wants the brands and entertainment assets to help it become a mega-mediaco. 

All three potential buyers will face regulatory hurdles if a sale transpires, and that ultimately means getting tacit approval from US President Donald Trump, who has publicly shared that he considers Comcast CEO Brian Roberts a “disgrace” to broadcasting and could challenge the sale.  

That aside, it’s up to WBD now, and the studio’s board expects to make its decision before Christmas.