Nov 25 (Reuters) - Warner Bros Discovery ( WBD ) has

asked potential buyers to submit improved offers by December 1,

two sources familiar with the matter said on Tuesday.

The parent of HBO and CNN last month said it was exploring

its options for sale. Since then, it has received preliminary

buyout bids from rivals Paramount Skydance ( PSKY ), Comcast ( CMCSA )

and Netflix ( NFLX ).

After reviewing any improved offers, Warner Bros may enter a

period of exclusive discussions with one of the bidders, the

sources said.

Warner Bros Discovery ( WBD ), Comcast ( CMCSA ), Netflix ( NFLX ) and Paramount

Skydance ( PSKY ) did not immediately respond to Reuters' requests for

comment. Bloomberg News first reported the development earlier

on Tuesday.

Paramount is expected to bid for all of Warner Bros

Discovery ( WBD ), including its cable television networks. Paramount's

bid is backed by the studio's controlling shareholder,

billionaire Oracle co-founder Larry Ellison, who is among the

world's richest men.

The potential combination would enhance Paramount's presence

in movie theaters, giving it a 32% share of the North American

theatrical market, according to Comscore, and strengthen its

streaming service by combining HBO Max with Paramount+.

Any potential deal involving Warner Bros Discovery ( WBD ) would

further consolidate the media industry after the $8.4 billion

merger of Skydance Media and Paramount Global. The deal had

capped a drawn-out deal process marked by political scrutiny and

shareholder concerns.

Reuters exclusively reported that Warner Bros Discovery's ( WBD )

board rejected Paramount's mostly cash offer of nearly $24 a

share for the company, valuing it at $60 billion, and publicly

announced it would evaluate strategic options for the studio.

Warner Bros Discovery's ( WBD ) stock has soared 83% since

Paramount's intention to bid for the media company was reported

in September. The stock closed at $22.96 on Tuesday.

The media giant previously announced plans to split into two

publicly traded companies, separating its studios and streaming

business from its fading cable networks.