Warner Bros turns down Paramount $20-a-share takeover offer

New Delhi: Warner Bros Discovery (WBD.O) has rejected an initial takeover approach from Paramount Skydance (PSKY.O), Bloomberg News reported on Saturday, citing people familiar with the matter.

The report stated that Warner Bros declined Paramount’s offer of around $20 per share in recent weeks. 

Paramount, led by David Ellison, is reportedly exploring several options in its bid for Warner Bros, including increasing the offer, appealing directly to shareholders, or seeking support from a financial partner, Bloomberg added.

Earlier this week, Bloomberg reported that Paramount has been in discussions with alternative asset manager Apollo Global Management about potentially backing its bid.

Ellison assumed leadership of Paramount in August after completing an $8 billion merger with his film production company, Skydance Media.