Warner Bros. Discovery has rejected a takeover bid from Paramount Skydance for being too low, according to a Bloomberg report.
Warner Bros. rejected Paramount’s offer of around $20 per share, Bloomberg said.
Paramount, the parent company of CBS, Nickelodeon, MTV, and the Paramount film studio, is led by David Ellison, the son of billionaire Oracle founder Larry Ellison.
David Ellison took over Paramount in August after completing an $8bn merger with his film production company Skydance Media.
Paramount has been in talks with alternative asset manager Apollo Global Management about backing its bid for rival studio Warner Bros Discovery, Bloomberg News reported.
News first emerged last month that Paramount was exploring a bid for Warner Bros. Discovery.
Ellison, speaking last week at Los Angeles’ Bloomberg Screentime conference, declined to confirm that his company has bid for Warner Bros. Discovery. But he said that Paramount needed more content to grow in the streaming landscape.
Ellison said: “You actually need more content to yield more engagement. And so we would actually want to be in the business, through whatever lens we’re looking at” to produce “more movies, more television series”.
WBD mails definitive proxy statement to finalise Netflix merger
Warner Bros. Discovery (WBD) will hold a special meeting of shareholders to vote on the merger with Netflix on March 20, 2026. In the meantime, WBD has begun mailing the definitive proxy statement to shareholders for the meeting.
Digital switch-off prospect nullifies Arqiva’s value
Arqiva’s main shareholder has admitted that its holding of the transmission company might be worth nothing.
Warner Bros Discovery mulls re-opening sales talks with Paramount
Warner Bros Discovery is considering reopening sale talks with Paramount Skydance Corp, according to a Bloomberg report.
.jpg)
BBC unveils fresh cost-cutting drive
The BBC is set to make cuts of around 10% of its costs in the face of "substantial financial pressures" over the next three years.
.jpg)
Report warns of unsustainable financial pressure for UK’s film and TV workforce
A survey examining the financial health of workers in the UK’s film, TV, and cinema industry has reported that a large proportion of the workforce is under severe and escalating financial pressure and that many are being “forced to leave” due to unsustainable circumstances.