Comcast Valued Its Share of Merged NBC-Warner at $81 Billion (1)

Comcast Corp.’s offer to merge its NBCUniversal division with Warner Bros. Discovery Inc. valued the cable giant’s interest in the combined businesses at $81 billion, a Warner Bros. filing suggests.

The Wednesday document describes a bidder, Company A, which people familiar with the matter identified as Comcast. The company’s proposed merger valued Warner Bros.’ streaming and studio assets at $35.43 a share, according to the filing. That offer was composed of $5.25 a share in cash and a 49% stake for Warner Bros. shareholders in a new entity that would include assets of the two companies.

Comcast believed that ...