Warner Bros. Discovery (WBD) has officially called for second-round bids from interested parties by December 1, pushing the next phase of a potential acquisition into high gear.

The media giant, led by David Zaslav, opened the process in October and received its first round of non-binding offers in late November. Now WBD is asking those bidders to sweeten their proposals if they want to stay in the hunt. Reports suggest the company may move into exclusive negotiations with a single bidder after reviewing the improved offers.

Multiple major players are involved: Paramount Global (with its Skydance partner), Comcast and Netflix. Paramount is said to be aiming to purchase the entire company—including its cable holdings—while others are focusing on the studios and streaming assets.

WBD’s board is also continuing work on a previously announced plan to split the business into two public companies: one focused on content production (studios & streaming) and the other on its cable & international operations. That separation remains on track for April next year, regardless of whether a full sale goes through.

For the bidders, the clock is now ticking. With the December 1 deadline looming and decision-making expected by year-end, the outcome could reshape major parts of the media landscape—potentially altering the balance of power between Hollywood studios and streaming competitors.