Warner Bros. Discovery has rejected an initial takeover bid from Paramount Global and Skydance Media, stating that the offer was too low.
As per media reports, sources familiar with the matter have said that the Warner Bros. Discovery board has dismissed Paramount’s proposal, which had valued the company at around $20 per share.
Following the rejection, Paramount Global, led by David Ellison, has been exploring alternative routes to advance its acquisition plan. These have included preparing a higher offer, considering a direct appeal to Warner Bros. Discovery shareholders, and seeking additional financial backing. The company has also reportedly held discussions with Apollo Global Management to support its bid.
This development came shortly after Ellison completed an $8 billion merger in August, bringing his production company, Skydance Media, under the Paramount umbrella.
