Warner Bros Discovery Rejects Multibillion-Dollar Paramount Skydance Bid

The Warner Bros Discovery board has rejected a Paramount Skydance bid to acquire the company for nearly $24 per share, valuing the offer at just under $60 billion. This bid involved mostly cash for Warner Bros' film and television studios, cable networks, and streaming service HBO Max.

The board of Warner Bros Discovery has turned down a substantial acquisition proposal from Paramount Skydance, according to a source familiar with the situation. The bid estimated each share at nearly $24 and would have seen Paramount take control of Warner Bros' film and TV operations, cable channels, and HBO Max streaming platform.

The rejected offer, comprising mostly cash, valued the acquisition at slightly less than $60 billion. This underscores the significant value placed on Warner Bros' diverse media assets amid ongoing shifts in the entertainment landscape. Neither Warner Bros Discovery nor Paramount has issued any public comments regarding this offer.

This development highlights ongoing strategic maneuvers in the entertainment sector as companies compete for dominance in a rapidly evolving media environment.

(With inputs from agencies.)