Warner Bros. Discovery’s winnowing of bidders is expected to accelerate this week.

Monday marks the deadline for a second round of proposals, which Warner’s board members anticipate will bring sweetened bids from the three rivals vying for the prize. Comcast, Paramount and Netflix each submitted initial nonbinding offers last month, forming the auction’s floor.

Warner bankers privately have signaled to the interested parties that this round may not be the final flex, but they do anticipate that Monday’s bids will help them zero in on a preferred merger partner, according to people close to the process who were not authorized to comment.

Warner Bros. Discovery hopes to make its pick before the winter holidays begin.

“The global media industry stands at the precipice of historic transformation,” Bank of America media analyst Jessica Reif Ehrlich and three colleagues wrote in a Monday research report.

The sale of Warner Bros. would represent Hollywood’s biggest consolidation since a buying spree that began 30 years ago with Walt Disney Co.’s purchase of Capital Cities, which owned ABC and ESPN. That era was capped by Time Warner’s ill-fated sale in the early 2000s to dial-up internet service provider AOL — a disastrous union that plundered the value of Warner’s prestigious properties. It took more than a decade for the company to recover.

Since then, Netflix, Amazon and Apple have swarmed the field, ushering in a streaming revolution that has dramatically altered consumer behavior, leaving the entertainment industry’s financial foundation — bulky cable TV bundles and blockbuster theatrical releases — on shaky legs.

Warner’s current bidding war “reflects the economic reality … that mid-sized legacy media studios/companies can no longer compete with the unit economics of Netflix or the ecosystem of large tech players such as Amazon,” the Bank of America analysts wrote.

They said the Larry Ellison family’s Paramount and Comcast’s NBCUniversal may feel the need to bulk up, prompting both to claw for Warner’s assets, which include the Warner Bros. film and television studios in Burbank, premium channel HBO and streaming service HBO Max.

Representatives of Warner, Paramount, Comcast and Netflix declined to comment.

Paramount is seen as most likely to prevail, given the Ellison family’s vast wealth and political connections.

President Trump considers Larry Ellison among his friends, which could ensure a smooth regulatory review process with the Justice Department. The president has indicated he wants to see Ellison control CBS — currently under the Paramount-Skydance umbrella — and CNN, which is owned by Warner Bros. Discovery.

Paramount offers the most efficient takeover as it has expressed interest in buying all of Warner, including its cable channels, which include TBS, TNT, HGTV, Food Network and Animal Planet. Tech scion and Paramount Chairman David Ellison informally kicked off the bidding in September, making three offers by mid-October.

But Warner’s board rejected all three proposals, considering them to be too low. The company then opened the process to other bidders, allowing Comcast and Netflix to join the field.

Ellison recently visited oil-rich Middle Eastern countries, holding preliminary talks with sovereign-wealth funds about potentially investing should Paramount win the Warner auction, according to two knowledgeable sources.

Warner Bros. Discovery shares inched up less than 1% to $23.87 on Monday.

Some analysts expect a surge from Comcast, which is controlled by Philadelphia cable mogul Brian Roberts.

Warner Bros. Discovery Chief Executive David Zaslav prefers Comcast over Paramount, knowledgeable people say.

Through its ownership of the European broadcaster Sky, Comcast has widened its international footprint.

But Comcast carries significant debt and its stock has been stalled for years.

Comcast and Netflix have each expressed interest in buying only the studios, HBO and the streaming service.

Neither Comcast nor Netflix is interested in Warner’s linear cable channels. Comcast is planning to jettison its own portfolio of cable networks, including USA Network, CNBC, MS NOW (formerly MSNBC) and Golf Channel, in a spin-off that should finalize in January. The cable channels will form an entity called Versant.

“The market is witnessing the endgame of the cable TV era,” the Bank of America analysts wrote. “The Warner Bros. studio is the crown jewel, with [intellectual property] ranging from Harry Potter to DC Comics to Game of Thrones (and much more).”

Buying Warner Bros. and HBO would boost NBCUniversal’s television production capabilities and its lagging Peacock streaming service, which has struggled to mint scripted streaming hits.

Comcast executives also have an eye on Warner’s beloved franchises that include Superman and other DC Comics, “Lord of the Rings” and “The Matrix,” which could provide more characters for its growing Universal Studios theme parks.

Netflix also sees great value in the Warner Bros. franchises. In addition, Warner Bros. Television has long been among the industry’s most successful show producers, giving birth to “The Big Bang Theory,” “Ted Lasso” and “The Pitt.”

Scooping up Warner Bros. would also give Netflix Co-Chief Executive Ted Sarandos a legendary movie studio lot — something Netflix currently lacks. The streamer’s L.A. offices sit on a relatively small tract overlooking the 101 Freeway.

Any of the combinations would prompt layoffs in the media industry, which is already reeling from a TV and film production slowdown and the elimination of thousands of workers over the last two years.

Paramount has shed more than 2,600 workers in recent months. The Ellison family and RedBird Capital Partners consolidated their purchase of Paramount in August.

Warner Bros. Discovery also has purged staff as it has struggled under a colossal debt burden brought on by its last merger — Discovery’s $43-billion takeover of WarnerMedia from AT&T in 2022.

Warner still carries about $34 billion of debt.

It is supposed to be the busiest time of year for the Roadies trucking company, but dozens of its trucks sit idle — unlikely casualties of a surprise scrutiny of laborers from India.

The Bakersfield company has 200 big rigs but a dearth of drivers after authorities canceled thousands of commercial driver’s licenses in California, forcing more than 20 Roadies drivers out of the business and spooking others into quitting.

Chief Executive Avninder Singh says he has doubled pay, but still can’t recruit enough drivers. He says he is now losing more each month than he usually makes in a year.

“My trucks are sitting,” with no one to drive them, he said. “It has put my livelihood in danger.”

Outside of tech, medicine, and family businesses, truck driving is one of the largest sources of employment for the Indian diaspora in America. Indian truckers say they are being unfairly targeted after a horrific accident triggered extra scrutiny of migrant drivers and tighter regulations.

Some drivers — many of whom claim to have fled persecution in India and requested asylum in the U.S. — are sitting on expensive investments they cannot use. Joban Singh, 27, based in Bakersfield, spent $80,000 to buy a truck because even though truck driving is a tough life, it provides a steady income to support his family.

“We have invested everything in trucking, thinking it’ll be good for us,” he said. “Now if we have our licenses canceled, who will buy these trucks and trailers from us?”

Truck driver Rahul Narwal said if the current licensing situation remains, he won’t be able to renew when his license expires in 2028.

(Myung J. Chun/Los Angeles Times)

Singh is a common surname in the Sikh community from India’s state of Punjab. None of the people mentioned in this story are related.

Punjabi Sikh truckers have emerged as the backbone of the American trucking industry. For decades, many have sought asylum in the U.S. and entered the transportation industry.

There are around 750,000 Punjabi Sikhs in the United States. Of those, about 150,000 work in the trucking industry, with the majority based on the West Coast.

The more devout Sikhs sport turbans and beards as symbols of their faith, which is neither Hindu nor Muslim. This can make them a target on the road, says Manpreet Kaur, the vice mayor of the city of Bakersfield.

“The Sikh community within trucking is really being squished in the middle of a battle between the state of California and the federal government,” said Kaur, whose father was a truck owner and operator.

Instances of racism and racial profiling of the community have risen, with Indian truckers reporting incidents of doors getting slammed in their faces and racial slurs being used at truck stops.

“Feeling a sense of not belonging in a place where you have worked, earned, contributed, [and where] your children have grown up,” is convincing drivers to leave the industry, she said. “All of a sudden, because of the decisions of one administration, the hate is presenting so strongly.”

The surge in negative attention started in August when three people were killed in an accident in Florida after an Indian driver with a license from California allegedly made an illegal U-turn.

The Trump administration blamed California for failing to enforce English proficiency and other driver requirements. In September, the Trump administration issued an emergency rule to try to shut down the issuance of commercial driver’s licenses to noncitizens

Members of the Sikh community gather in support of Harjinder Singh, a truck driver who is accused of manslaughter and vehicular homicide after an accident in Florida.

(Al Diaz/Miami Herald)

The Department of Transportation put pressure on California, revoking $40 million in federal funding for failing to enforce English proficiency tests and threatening to cut additional federal support.

Last month, California’s Department of Motor Vehicles announced plans to revoke 17,000 commercial driver’s licenses issued to immigrants. The licenses were canceled, the DMV said, because they were set to expire after the time the migrants were legally allowed to remain in the U.S.

Sukhdeep Singh, owner of Cali Brothers Truck Lines, which has 60 trucks and is based in Merced, said 10 of his Sikh drivers quit last month. They have valid licenses and work papers, but are afraid to go back on the road, worried that if they get stopped, they could get sent home.

“They don’t want to drive anymore,” he said.

About 25 of Roadies’ truck drivers received the cancellation notice. The company is now losing hundreds of thousands of dollars in revenue each month as its clients go elsewhere.

Policy changes regarding noncitizen commercial licenses and English language proficiency enforcement could remove more than 400,000 commercial drivers from the market over the next three years, according to J.B. Hunt, one of the largest trucking companies.

Some say the driver shortage concerns are overblown and that there are enough U.S. citizens to meet the demand for drivers if they are given sufficient training and salaries.

“I do not buy the idea that there aren’t enough American truck drivers to meet demands in this country,” Transport Secretary Sean Duffy said in an October news conference. “I think you will see American truck drivers fill the space when we do what is right and take out these unlawful drivers.”

Avninder Singh, CEO of Roadies, says about 100 of 300 of his drivers will be affected by the license pause. He walks past nine trucks that are parked at his business because he doesn’t have drivers.

(Myung J. Chun/Los Angeles Times)

Advocacy groups such as the American Trucking Assn., which in the past has lobbied for looser licensing rules to address driver shortages, have backed the tighter restrictions.

Regulators need to enforce rules requiring truckers to be well-trained and qualified, said ATA Chief Economist Bob Costello.

“Qualified means you can speak English, read road signs, understand safety rules and respect our laws,” he said. “Qualified means you earned your CDL the right way, not through a rubber-stamped process in a state that looks the other way.”

Companies that rely on Indian truckers may have to reconsider their business model.

The trucking industry is packed with small carriers operating 10 or fewer trucks. Most have been operating for years without incident, but many could now go out of business as they wait for the new normal to emerge.

“I am excited about the holiday season,” said Sukhdeep Singh of Cali Brothers Truck Lines. “But for the truckers, it’s not bringing any happiness.”

Animated movie “Zootopia 2” hopped to the top of the box office in a big weekend for family-friendly films.

The sequel to the 2016 film from Walt Disney Co. brought in $156 million in the U.S. and Canada over the five-day Thanksgiving weekend, according to studio estimates. The film’s production budget was estimated at $175 million to $200 million.

In total, “Zootopia 2” collected $556 million in global box office revenue, including $272 million in China, a once-massive market for Hollywood films that has cooled in recent years. The haul for “Zootopia 2” in China marked that country’s highest opening ever for a nonlocal animated movie.

The movie probably benefited from its strong franchise recognition in China; Disney opened a “Zootopia”-themed land at Shanghai Disneyland in 2023 and embarked on an extensive marketing campaign before the film’s release. The original film had a total box office haul in China of $236 million.

Universal Pictures’ “Wicked: For Good” came in second at the domestic box office with a five-day total of $93 million.

The period between Thanksgiving and Christmas has traditionally been an important time for studios and theaters to attract moviegoers with family-friendly fare or blockbusters, which can provide a big chunk of the year’s box office revenue.

“Zootopia 2” and “Wicked: For Good” were seen as two of the major films released toward the end of the year that could drive massive ticket sales. The third — Disney’s 20th Century Studios’ “Avatar: Fire and Ash” — will be released in theaters next month.

The reception for “Zootopia 2” and “Wicked: For Good” also points to the demand for family films. Though the overall box office has been uneven this year, films geared toward children and families have largely performed.

Disney’s live-action adaptation “Lilo & Stitch” brought in more than $1 billion in global box office revenue and Warner Bros.’ “A Minecraft Movie” wasn’t far behind, with nearly $958 million.