The Monday due date for second-round bids for Warner Bros. Discovery (WBD) reportedly not represent a deadline for companies to make their “last-and-final offer”; the NASCAR antitrust trial begins; and two ACC teams will play a Week 0 game in Brazil. Plus news on Paramount-UFC, iHeartMedia, USA Sports and Cam Johnson.
WBD second-round bids not expected to be ‘last-and-final’ offers
The impending Monday due date for second-round bids of Warner Bros. Discovery reportedly does not represent a deadline to submit “a last-and-final offer,” per Lucas Shaw of Bloomberg. These bids, which are expected to be “new, sweetened offers,” come as WBD is in the midst of evaluating its future. WBD plans to split into two publicly traded entities next year — Warner Bros. (streaming/studios) and Discovery Global (global networks) – across which it is expected to reallocate its $34.5 billion of gross debt.
Comcast and Netflix are reportedly looking at the Warner Bros. film and television libraries, while Paramount is said to be interested in the entity as a whole. Paramount chairman/CEO David Ellison, who assumed the role over the summer following the Skydance merger, has not commented publicly on this potential transaction; however, he said on a recent quarterly earnings call that the company has “the balance sheet to be able to be opportunistic when we think M&A will accelerate our goals.”
Shaw reported that WBD “is prioritizing cash over stock” and that Comcast “remains a preferred option” for CEO David Zaslav. Earlier last month, WBD amended Zaslav’s stock option agreement as the company engages in its strategic review.
All three companies are reportedly expected to raise their initial bids, and Warner Bros. Discovery could then enter an exclusive negotiating period with one of the interested buyers. A report from Alex Sherman of CNBC indicated that WBD is planning to “make an announcement on its future by Christmas” and that Paramount has discussed issuing a potential hostile bid for the company if WBD “stalls in its decision or decides to move in a different direction.”
NASCAR antitrust trial begins in Charlotte
A federal antitrust trial initiated by 23XI Racing and Front Row Motorsports against NASCAR began in Charlotte, N.C. Monday with both sides expected to present opening arguments. Among those present at the courthouse were 23XI Racing co-owners Michael Jordan and Denny Hamlin, along with NASCAR CEO/chairman/EVP Jim France and vice chairman Mike Helton.
23XI and Front Row did not sign the NASCAR 2025-31 charter agreement and allege that NASCAR has used its power over the sport in a “monopolistic” manner. The teams claim that NASCAR does not present a viable revenue model since the charters — which give teams a spot in all 38 races and a payout from the weekly purse — are not permanent. Should NASCAR lose in court, remedies could result in it being forced to sell racetracks “or dismantle the existing charter system.” If NASCAR proves victorious, the teams could end up going out of business.
The two sides have been unable to settle the case, although there is a possibility that such an outcome could take place during the trial. The discovery phase has revealed internal communications among NASCAR executives and team owners consisting of a variety of criticisms and insults. The jury trial is expected to occur over two weeks, but potential appeals to the outcome could extend the suit well into the new year.
The litigation begins as NASCAR prepares for its 2026 season in February, the second under a new seven-year media rights deal with Fox, NBC, Prime Video and Warner Bros. Discovery reportedly worth $7.7 billion. Under the new charter agreement, teams are receiving a 49% share of rights payments and an additional $50 million from NASCAR to the teams.
Two ACC teams to play Week 0 CFB game in Brazil
ACC schools NC State and Virginia will open next season with a Week 0 game in Rio de Janeiro, Brazil on Saturday, Aug. 29, it was announced Monday. The game, which will take place under a partnership between Athlete Advantage and the Brazilian government-supported Brasil Sports Business, will be televised on a network owned by ACC rightsholder ESPN.
The matchup is the latest American football game taking place in Brazil after the NFL has held Week 1 regular-season contests in São Paulo over the last two years. Brazil is going to host three NFL regular-season games over the next five years in Rio de Janeiro starting in 2026. The country was the home of the 2016 Olympic Games and, two years earlier, hosted the FIFA World Cup. Brazil most recently welcomed CONMEBOL Copa América in 2021, marking the second time in three years it hosted the global soccer tournament.
Over the last four seasons, the CFB season has commenced in Dublin, Ireland for the Aer Lingus College Football Classic. Another CFB showdown will take place internationally in Week 3 when Arizona State and Kansas square off from Wembley Stadium in London, England for the inaugural Union Jack Classic.
Plus: Paramount-UFC, iHeartMedia, USA Sports, Cam Johnson
- UFC will make its Paramount+ debut on Saturday, Jan. 24 with its “UFC 324” event taking place from T-Mobile Arena in Las Vegas, Nev. The fight card — the first under a seven-year partnership reportedly worth a total of $7.7 billion — will not require an additional pay-per-view charge to access, as UFC is moving away from PPV events under the new rights deal.
- iHeartMedia will promote EVP/deputy CFO and head of investor relations Mike McGuinness to the CFO role effective January 1, 2026. McGuinness steps into the position held by Rich Bressler for the last 12 years while also serving as president/COO, roles in which he will continue under a new long-term employment agreement.
- USA Sports announced that its coverage of Atlantic 10 Conference college basketball games will feature the announcing pairs of Steve Burkowski with Tim McCormick, and Steve Schlanger with John Giannini calling most games. Studio coverage will feature two former college basketball players in host Lisa Kerney and analyst Dalen Cuff.
- Denver Nuggets forward Cam Johnson is taking over hosting duties for “The Old Man and the Three” podcast distributed by Wondery, it was revealed on Monday. Johnson, 29, has previously appeared as a guest on the podcast when ThreeFourTwo Productions co-founders JJ Redick and Tommy Alter hosted the show.
