Paramount Eyes Sweeter Bid in Warner Bros Discovery Takeover Saga

Warner Bros Discovery's board seeks a higher bid from Paramount, raising the share price from $23.5 to $30, valuing the company at $74.34 billion. There are inaccuracies in reports claiming involvement from sovereign wealth funds, while a consortium bid forms amid restructuring talks.

Warner Bros Discovery's board is urging Paramount Skydance to increase its offer from $23.5 to $30 per share, as per sources cited by Axios. The revised bid would value Warner Bros Discovery at $74.34 billion, up from the current offer of $58.23 billion.

Initial reports suggested Paramount formed a consortium with Saudi, Qatari, and Abu Dhabi sovereign funds for a $71 billion bid, but Paramount has dismissed these as inaccurate. Warner Bros Discovery stocks rose 5%, and Paramount saw a 2% uptick.

Amid Warner Bros Discovery's possible restructuring, influenced by its struggling TV sector, David Ellison's CEO appointment highlights strategic connections backing future expansion. Interested parties, including Comcast and Netflix, face a November 20 deadline for non-binding proposals.

(With inputs from agencies.)