WBD Rejects Paramount Skydance's $20 Offer

Warner Bros. Discovery WBD rebuffed Paramount Skydance's roughly $20 per share proposal as undervalued, Bloomberg reported.

People familiar said Paramount is weighing next moves that could include lifting the price, pitching WBD shareholders directly, or adding a financial backer to firm up the bid. Bloomberg previously noted talks with Apollo Global Management APO about possible support. David Ellison took control of Paramount PSKY in August after completing an $8 billion merger with Skydance Media.

A sweeter, well funded offer could reset how investors value libraries, sports rights, and cash flow in legacy media. The mix of cash and partner financing will also shape leverage, ratings, and what current holders ultimately receive.

Investors will watch for a revised price, any Apollo participation, and whether Paramount takes its case straight to WBD shareholders in the near term.