Warner Bros. auction poised to recast Hollywood with Paramount, Comcast and Netflix vying for the prize

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Now, the real jockeying begins for the future of Warner Bros.Discovery.Paramount, Comcast and Netflix are each expected to submit proposals for all or parts of the storied media giant by Thursday’s deadline, according to people familiar with the process but not authorized to speak publicly.

The nonbinding bids mark the completion of the auction’s first phase, accelerating the potential sale of some of the best-known brands in entertainment, including HBO, CNN and Warner Bros.film and television studio.

Warner Bros.Discovery Chief Executive David Zaslav and the company’s board have unanimously rejected three earlier overtures from Paramount’s David Ellison, including a largely cash $23.50 a share offer, deeming it too low.

Thursday’s entry of new bidders could boost the value of the struggling media company to more than $60 billion.Analysts say Paramount should have an edge because its bid is backed by David Ellison’s father, Larry, who is among the top five billionaires in the world.But it’s not a sure bet that Paramount will come away with the prize.“I don’t know that I’m calling a horse,” Julie Clark, senior vice president of media and entertainment at information firm TransUnion, said Wednesday.

“They all have a lot to gain — and a lot to lose.” Hollywood Inc.Comcast President Mike Cavanagh hinted the company was interested in certain assets, telling analysts: “You should expect us to look at things that are trading in our space ...

[but] the bar is very high for us to pursue any [merger] transactions.”Warner’s board wants to pick a preferred partner by year’s end, in part to determine whether they should continue working on their previously announced plan to carve the company into two parts.Should Paramount prevail in its bid to buy the entire company, Warner Bros.

Discovery would abandon its efforts to create a stand-alone streaming a...