Warner Bros. Discovery has been back in the news in the past couple of days for two major events on the corporate side of the company.
First up, Comcast has made it official that they’re interested in making a bid for the company. First reported by Reuters, the broadcast giant has reportedly retained financial advisors Goldman Sachs and Morgan Stanley to evaluate a prospective offer.
Comcast has also been granted access to WBD’s data room, which contains the financial information it would need to make a bid.
Industry observers have also questioned Comcast’s ability to complete a merger, as current U.S. President Donald Trump has been critical of Comcast chairman and CEO Brian Roberts.
The other big news is that a bankruptcy court has awarded Alcon Entertainment the derivative rights to the film library of Village Roadshow, the Australian production company and prolific financier that previously had a longtime partnership with Warner Bros. Pictures that soured towards the end.
Village Roadshow filed for bankruptcy a while back, and its vast film library and studio business went up for sale at auction in May. The library includes the “Ocean’s Eleven” series, “The Matrix” trilogy, “Joker” and “Wonka” among others.
THR reports that Warner Bros. Discovery was interested in the ‘derivative rights’ which would let them participate in sequels and remakes.
A Delaware bankruptcy court, however, has awarded Alcon the derivative rights to Village Roadshow’s film library following its $18.5 million bid. Warner Bros. Discovery is now said to be considering options on an appeal.
For now, Warners will have to navigate cofinancing ventures with Alcon – the first film under the arrangement being next year’s “Practical Magic 2”.
