Warner Bros. Discovery Rejects Initial Bid For Acquisition By Paramount

Warner Bros. Discovery is rebuffing Paramount’s initial attempt to acquire it, turning down the first offer according to a new report. As previously reported, Paramount Skydance is looking at a bid to buy Warner Bros. Discovery in a deal that would be “mostly cash” and backed by Larry and David Ellison. Bloomberg reports that WBD as rejected the initial offer.

The site reports that Warner Bros. Discovery felt that the offer, which was for approximately $20 per share of the company, was too low. The report does not mention if the bid included the assumption of Warner Bros. Discovery’s total debt of $35.6 billion, though it is known that Paramount is seeking the company in full. WBD is working on a split into two separate companies that is expected to occur in the spring 2026.

While the initial offer was turned down, Paramount has other possibilities. It could raise its offer to the studio, contact the company’s shareholders to get them to press for an agreement to the deal, or seek additional funding from an outside partner.

Representatives for Paramount and Warner Bros. Discovery have yet to comment on the report. WBD is the broadcast partner of AEW and Paramount has a deal with the UFC to air UFC events on Paramount+ starting next year.