Overview

• Warner Bros. Discovery rebuffed an approach from Paramount Skydance priced at about $20 per share, according to people familiar with the talks.
• Paramount, led by David Ellison, is considering raising its offer, going directly to shareholders, or pursuing additional financing.
• Paramount has discussed potential backing with Apollo Global Management, according to prior Bloomberg reporting.
• CNBC reported the companies remain in discussions but disagree on price, and that Paramount could make its proposal public to pressure Warner Bros. Discovery.
• Warner Bros. Discovery plans to separate its cable networks from its streaming and studios next year, with CEO David Zaslav seeking a premium valuation for the restructured studios business.