The news: Netflix, Comcast, and Paramount have all submitted acquisition bids for some or all of Warner Bros. Discovery (WBD), sources told Deadline, starting a bidding war that would fundamentally reshape the media landscape.

• Netflix’s bid focuses specifically on WBD’s streaming and studio assets, including HBO Max and Warner Bros. Motion Picture Group.
• Comcast is also looking to solely acquire WBD’s streaming and studio assets and not its cable channels.
• Paramount’s bid is for all of WBD, going beyond the segments Netflix is eyeing to also include WBD’s cable channels like CNN.

WBD indicated that a sale will be concluded by the end of December, with the transaction taking at least a year after that to receive regulatory approval.

WBD explores options: WBD is eyeing several opportunities to bounce back in a period of intense media competition that has seen WBD go through struggles like declining ad revenues and a massive debt load. And while the company is openly considering a sale, it’s still considering a separate option that would see it split into two entities, one focused on streaming and studios and the other on cable networks. WBD’s board is now tasked with deciding whether a split or a takeover will lead to greater shareholder value.

What each company stands to gain: If WBD goes the acquisition route, it could unlock unique benefits from each offer.