Warner Bros. Discovery (WBD) has turned down an initial takeover bid from Paramount Global and Skydance Media, saying the proposal undervalued the company. The offer, reportedly worth about $20 per share, was deemed insufficient by WBD’s board.
However, the Paramount-Skydance consortium, led by David Ellison, remains determined to pursue the deal. The group is said to be exploring several strategies, including raising the offer price, appealing directly to Warner Bros. Discovery shareholders, or seeking additional financial backing. Discussions are reportedly underway with Apollo Global Management to help strengthen a revised bid.
The pursuit comes shortly after Ellison’s $8 billion merger that brought Skydance Media under the Paramount umbrella. If successful, the proposed acquisition would bring together two of Hollywood’s largest media powerhouses, combining vast film, television, and streaming assets amid intensifying competition in the global entertainment landscape.