Warner Bros. Discovery (WBD) is reported to have refused an acquisition offer from Paramount Skydance for the second time in days.
According to Deadline, multiple sources familiar with the ongoing negotiations say the latest bid came in at $24 a share, which was more than an offer of $20, made just over a week ago.
The rejection of Paramount’s second bid, initially reported by the New York Post, was followed the company’s first confirmation that it is for sale. The company said it’s initiated a strategic review process in light of “unsolicited interest” from “multiple parties”.
In a press release, WBD said it had initiated “a review of strategic alternatives to maximise shareholder value.”
“We continue to make important strides to position our business to succeed in today’s evolving media landscape by advancing our strategic initiatives, returning our studios to industry leadership, and scaling HBO Max globally,” said chief executive David Zaslav.
The company said it will continue pursuing the planned split of its cable networks from its streaming and studio businesses, even as it explores potential sale or merger options.
Warner Bros. Discovery CEO David Zaslav
Sale update
Last month, reports surfaced that Paramount, owner of Network 10 in Australia, was preparing a majority-cash bid for WBD, backed by the Ellison family.
The speculation sent WBD shares soaring by almost 30% in late trading, despite no confirmation from either company.
In Australia, CNN and Discovery channels are currently carried by Foxtel and Fetch TV. HBO Max launched in March 2025 and continues to post strong TV and movie library sales across the market.
The exact scope of a proposed deal between Paramount and WBD is unclear.
WBD is still planning to move towards a split next year, separating studios and streaming from linear television, with the resultant stand-alone companies to be called, respectively, Warner Bros. and Discovery Global.