Warner Bros Discovery (WBD) has reportedly rebuffed a takeover bid from Paramount Skydance after deeming the company’s initial bid as “too low”.
Last week, it emerged that Paramount has been looking for partners to launch a bid to acquire Warner Bros Discovery.
According to Bloomberg, Paramount submitted an offer of $20 per share in recent weeks. On Friday, WBD’s shares closed at $17.10, giving the company a market value of $42.3 billion.
Meanwhile, it’s been reported that Paramount isn’t WBD’s only suitor.
The New York Post claims that insiders at Paramount fear Comcast, which owns NBCUniversal in the US and Sky in the UK, may be considering entering the mix.
Comcast is currently in the process of spinning off its US cable networks into a separate company.
This is all happening despite WBD’s plans to split into two separate companies next year (Warner Bros, comprising studios and streaming, and Discovery Global, including TV networks and Discovery+).
