Netflix certainly knows how to end the year with a bang. The streamer is reportedly preparing a higher second round bid for Warner Bros Discovery’s (WBD) studios and streaming assets this week, joining Paramount Skydance and Comcast in a bidding war that, if won, will see Netflix strike one of the most disruptive deals in the history of M&E. WBD has set a new deadline for improved bids by December 1. Faultline recently reported how WBD—with waning linear revenues and a fragile streaming structure—is unsellable as a whole, with asset separation imminent. For WBD, slicing the cake is the pragmatic choice, allowing larger players to extract value through cherry-picking assets that offer more cost synergies and revenue than the company…