Paramount , Comcast and Netflix have submitted bids to acquire all or part of Warner Bros. Discovery , ushering in a dramatic period of evolution for the media business.

Multiple sources confirmed the bidding to Deadline, with the word coming as a deadline for non-binding bids arrived on Thursday. There will be another round, after the particulars are hashed out, when bidders will be asked if they want to submit final, binding offers.

While it comes as little surprise, the chase for WBD promises to remake Hollywood at a time of deep uncertainty about the tech sector, AI an–d the rapidly changing habits of audiences.

WBD has indicated that they believe the sale process can be concluded by late-December, with the transaction then requiring at least a year to be cleared by regulator

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