Warner Bros. Bidders Are Having a Very Rough Time: Chris Hughes

The dueling suitors for Warner Bros. Discovery Inc. have had a rough week. Will this rule out an auction? Don’t count on it.

Netflix Inc.’s shares have slid further, to sit nearly 25% below where they were before its interest in Warner emerged. Oracle Corp., the source of wealth for the rival party, the Ellison family, tumbled to take its peak-to-trough fall to nearly 40%. The hits are worth roughly $100 billion and $360 billion respectively.

For now, Netflix leads having secured the backing of Warner’s board to buy the company for $27.75 a share in cash and stock, after ...