Warner Bros

WBD

Market cap $59.5B

Comcast Corp (NASDAQ: CMCSA) CEO Brian Roberts is pushing aggressively into the second round of bidding for Warner Bros. Discovery Inc (NASDAQ: WBD) as he looks to revive the company's weakening media portfolio.

One thing is certain: Roberts knows he needs to play hardball to win, sources say.

Warner Bros. Discovery is officially on the block. As the company initiates a strategic review, three major suitors — Paramount Skydance, Netflix and Comcast — are each circling, making non-binding offers even as regulators and political scrutiny loom large. But amid all the noise, Paramount Skydance is increasingly viewed by analysts as the frontrunner — thanks to a combination of financial firepower, political relationships and a relatively smoother regulatory path.

Warner Bros. Discovery told its corporate suitors it wants to hear revised, and better, offers.

Rich Greenfield, LightShed Partners partner and co-founder, joins 'Squawk Box' to discuss the bidding war for Warner Bros. Discovery.

While many stocks have come under considerable pressure over the past month, entertainment giant Warner Bros. Discovery NASDAQ: WBD continues trudging higher.

The emergence of Netflix as a serious contender comes as the bidding war enters its next stage.

Warner Bros. Discovery has asked bidders to submit a sweetened second round of offers by Monday, Dec. 1, Deadline has confirmed. The media giant led by David Zaslav has been sitting on the first round of non-binding bids since Nov. 20.

Warner Bros Discovery has asked potential buyers to submit improved offers by December 1, Bloomberg News reported on Tuesday, citing people familiar with the matter.

Warner Bros. Discovery (WBD) has been one of the stocks most watched by Zacks.com users lately.