Caroline Hyde

For more, Bloomberg's Michelle Davis, who covers M&A in media, joins us now.

So can we break down how these are starting to look?

Because they're meant to be sweetened.

They've been sweetened, yes.

So the bidding is heating up.

Yesterday, Warner Brothers had asked for sweetened offers from all of the companies, so we know they received offers from Netflix, mostly cash.

That was a big surprise because people were expecting it to be stock.

You know, Netflix's stock has been doing pretty well.

They have great currency, but they're also an investment-grade company, so they can't afford to raise a lot of money.

We hear they're in the market talking to banks about tens of billions of dollars for a bridge loan.

So there's Netflix, there's Comcast, which has also bid.

It only wants the streaming and the studios of Warner Brothers, similar to Netflix.

We're still trying to glean the details of that offer, but we have heard that it likely includes a little more stock than the cash offered by Netflix.

And finally, Paramount, the one who kicked all of this off.

They're the only bidders who have actually made a play for the whole company.

We're hearing that their offer is also completely cash.

They have backing from Larry Ellison, David Ellison, you know, some of the wealthiest people on earth.

And Middle Eastern money, as well as Apollo, are putting in some of the financing for their offer.

And it feels as though that's been the narrative, that the Ellison bid might be one that is more approved of by the administration.

But are there any blockers?