BURBANK, California: Warner Bros Discovery has entered a decisive phase in its sale process, receiving second-round bids that include a primarily cash offer from Netflix, a source familiar with the matter said.

Bankers for Paramount Skydance, Comcast, and Netflix worked through the weekend to submit improved offers for all or parts of Warner Bros, the source said. The bids are binding, giving the board the option to move quickly if acceptable terms are reached, though they are not yet considered final.

Netflix and Warner Bros Discovery declined to comment. Bloomberg News first reported the latest round of offers.

Warner Bros had asked interested parties to raise their bids by December 1 after receiving preliminary buyout proposals from Paramount, Skydance, Comcast, and Netflix. It was previously reported that the board rejected Paramount's primarily cash offer of nearly US$24 a share, which valued the company at about $60 billion, before announcing it would consider strategic alternatives.

The parent of HBO and CNN said in October it was exploring options for a sale.

Any deal involving Warner Bros Discovery would mark another step in media consolidation following the $8.4 billion merger of Skydance Media and Paramount Global. This transaction drew political attention and shareholder debate.

The studio behind the "Harry Potter" and DC Comics franchises said in June it planned to split into studio-centric and cable-focused divisions next year, separating its expanding streaming arm from its slower-growing cable networks.