The For Sale sign is fully lit on Warner Bros. Discovery , and three legitimate bidders are putting together offers: David Ellison’s Paramount Skydance (which wants the whole enchilada) and Netflix and Comcast (which are eyeing the WB streaming and studio operations).

Warner Bros. Discovery has set a Nov. 20 deadline for first-round bids, which would be nonbinding, sources told Variety , confirming an earlier report by the Wall Street Journal. The board is expected to meet before Thanksgiving to evaluate the offers and aims to have the process wrapped up by year-end.

Of course WBD, which has rejected an Ellison bid of $23.50 a share , could stay on its original course and split in two — with David Zaslav heading Warner Bros. (HBO Max and studios) and current CFO Gunnar Wieden

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