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4h ago

Warner Bros. Discovery Rejects Paramount Skydance’s ~$20-Per-Share Bid

Executives say a planned separation of streaming/studios from legacy networks could lift valuation.

Paramount And WB Are Reportedly In Serious Merger Discussions As First Offer Gets Rejected
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Overview

  • Warner Bros. Discovery rebuffed an initial takeover approach from Paramount Skydance that valued the company at roughly $20 per share, according to multiple reports.
  • Paramount, led by David Ellison, is weighing next steps that could include raising the bid, appealing directly to shareholders, or securing additional financing.
  • Paramount has held discussions with Apollo Global Management about potential funding support for a revised offer, recent reporting indicates.
  • Warner Bros. Discovery plans to split into two businesses in 2026, with leaders contending the move would enhance the value of its streaming and studios unit.
  • Bank of America’s Jessica Reif Ehrlich estimates a post-split valuation near $30 per share, while WBD last closed at $17.10 and Paramount at $17; both companies declined comment.