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Warner Bros Discovery is back in the spotlight as reports indicate its board is pushing Paramount and Skydance to raise their latest acquisition bid. According to Axios, Paramount’s current offer of $23.5 per share—structured as 80% cash and 20% stock—does not meet the board’s expectations. Instead, Warner Bros Discovery is signaling it wants a proposal closer to $30 per share, which would value the company at roughly $74.34 billion, significantly higher than the existing $58.23 billion valuation.
The bidding atmosphere intensified after Paramount publicly denied a Variety report claiming it was assembling a large investment consortium with sovereign wealth funds from Saudi Arabia, Qatar, and Abu Dhabi to launch a $71 billiontakeover attempt. Still, sources told the Financial Times that Paramount CEO David Ellison has engaged in early talks with Saudi Arabia’s Public Investment Fund and other Gulf investors about potentially backing a strengthened bid. Such involvement would showcase Ellison’s expanding influence in the media industry, supported in part by the deep resources of his father, Oracle co-founder Larry Ellison.
Investor sentiment briefly improved as shares of Warner Bros Discovery jumped 5%, while Paramount rose about 2% following the news. Interest in Warner Bros Discovery appears widespread, with Reuters reporting that Comcast and Netflix have also evaluated potential offers for portions of the company’s assets.
Warner Bros Discovery—home to HBO, CNN, TNT, Warner Bros Games, and the DC film universe—continues to struggle amid declines in its traditional television business. In October, the company acknowledged it was reviewing multiple strategic paths, including breaking up the business, selling the entire company, or pursuing separate deals for Warner Bros or Discovery Global.
The deadline for non-binding first-round bids is set for November 20, setting the stage for what could become one of the most significant media deals in years.
