Comcast (CMCSA.US) has proposed merging its NBCUniversal business with Warner Bros. Discovery (WBD.US), valuing the cable giant’s stake in the combined entity at $81 billion, according to a filing by Warner Bros. Discovery.

The document, released on Wednesday, referenced a bidder labeled "Company A," confirmed by insiders as Comcast. The offer values Warner Bros. Discovery’s streaming and entertainment assets at $35.43 per share, comprising $5.25 per share in cash and a 49% equity stake for WBD shareholders in the new entity, which would house assets from both companies.

Insiders noted that Comcast believes merging its entertainment assets with Warner Bros. Discovery’s would create a more valuable business than standalone operations, leveraging cost cuts and growth opportunities. Comcast would hold a 51% stake in the merged entity.

The Philadelphia-based cable and broadband provider, with a total market capitalization of approximately $111 billion, excluded networks like USA, CNBC, and MSNBC from the bid. These are set to be spun off to shareholders as Versant Media Group. The bidder’s calculations assumed WBD’s total outstanding shares at 2.59 billion.

Earlier this month, Comcast President Mike Cavanagh hinted at the acquisition strategy during a UBS investor conference, emphasizing the integration of NBCUniversal’s media, theme parks, and studio operations with WBD’s film studios and streaming units. Cavanagh acknowledged Comcast’s cash offer was "lower than other proposals" but highlighted the "substantial equity stake" in the combined entertainment company.

Notably, Warner Bros. Discovery has accepted Netflix’s (NFLX.US) $27.75 per share cash-and-stock offer and plans to spin off its cable network shares to existing shareholders before the deal closes. Both companies declined to comment.