Warner Bros. Discovery (WBD.US) has entered the second round of bidding, with Netflix (NFLX.US) submitting a cash-heavy acquisition offer, according to sources familiar with the matter. The auction is expected to conclude within days or weeks.

Bidding teams from Paramount Skydance Corp. (PSKY.US), Comcast (CMCSA.US), and Netflix worked through the Thanksgiving holiday to refine their proposals for acquiring all or parts of Warner Bros. Discovery’s assets. One source noted that all bids are legally binding, allowing the board to swiftly approve a deal if it meets corporate objectives. However, the company has not finalized its decision and remains open to more attractive offers.

Separately, Netflix, the streaming industry leader, is reportedly arranging a bridge loan worth tens of billions of dollars to support its bid. Warner Bros. Discovery closed at $23.87 on the NYSE, reflecting a market capitalization of $59 billion. The company owns key assets including HBO, CNN, and its namesake film studio.

In October, Warner Bros. Discovery initiated a sale process after receiving multiple unsolicited offers for its assets. Paramount Skydance, led by tech scion David Ellison, submitted three proposals targeting the entire business, including cable networks. Meanwhile, Comcast and Netflix are primarily interested in the studio operations and HBO Max streaming service.

Should either bid succeed, Warner Bros. Discovery would proceed with spinning off its cable networks into a separate entity, Discovery Global, with the transaction anticipated by mid-2025.