Warner Bros rejects Paramount Skydance's $20-per-share takeover bid: Report

Business Oct 12, 2025

Warner Bros Discovery just turned down a takeover bid from Paramount Skydance Corp., with sources saying the $20-per-share offer didn't match their expectations, according to Bloomberg.
Talks are still private for now, but sources say Warner Bros. felt the deal undervalued them.

What's next for the 2 companies?

Paramount, led by David Ellison, might raise its offer or even reach out directly to Warner Bros. shareholders. They're also talking with Apollo Global Management for extra support.
Meanwhile, Warner Bros. is planning to split its business into separate cable TV and streaming units by next year to sharpen its focus.
Both companies are keeping quiet about the negotiations for now.