Warner Bros Rebuffs Paramount Takeover Approach: Reuters

Warner Bros. Discovery has rebuffed Paramount Skydance’s initial takeover approach as too low, Bloomberg News reported.

Paramount is exploring several options in its bid for Warner Bros. (Photo: Antoine Taveneaux, Wikimedia Commons)

Warner Bros. rejected Paramount’s offer of around $20 per share in recent weeks, the report said, citing people familiar with the matter.

Paramount declined to comment on the report, while Warner Bros. did not immediately respond to Reuters’ request for comment.

Paramount, led by David Ellison, is exploring several options in its bid for Warner Bros., including increasing its offer, appealing directly to shareholders, or securing additional backing from a financial partner, Bloomberg said.

The company has been in talks with alternative asset manager Apollo Global Management about supporting its bid, Bloomberg reported earlier this week. Ellison took control of Paramount in August after completing an $8 billion merger with his film production company, Skydance Media.