Warner Bros. Discovery has rejected three Paramount Skydance takeover offers as it fields broad buyout interest, CNBC’s David Faber reported Wednesday, citing sources.
Paramount’s last offer was for just under $24 per share and comprised of 80% cash, according to Faber, who previously reported a bid could come in at between $22 and $24 per share.
WBD said on Tuesday it had received “unsolicited interest” from multiple parties and that it would expand its strategic review process to review all bids. At the same time, the company is moving ahead with previously announced plans to separate into two entities: a streaming and studios business and a global networks business.
Faber reported Tuesday that Netflix and Comcast were among the interested parties.
“It’s no surprise that the significant value of our portfolio is receiving increased recognition by others in the market,” Warner Bros. Discovery CEO David Zaslav said in a statement Tuesday. “After receiving interest from multiple parties, we have initiated a comprehensive review of strategic alternatives to identify the best path forward to unlock the full value of our assets,” he said.
Shares of WBD gained almost 11% Tuesday. They were up another 2% in premarket trading Wednesday.
Disclosure: Comcast is the parent company of NBCUniversal, which owns CNBC. Versant would become the new parent company of CNBC upon Comcast’s planned spinoff of Versant.
