Paramount Skydance chief David Ellison offered $24 per share for Warner Bros. Discovery – a $57 billion deal that was turned down just days ago. The takeover push comes as the media giant’s CEO, David Zaslav, continues to seek buyers for the company’s studios and streaming arm.
The latest rejection marks the third time Ellison’s bid has been declined. Sources say Zaslav is now shopping the company to a range of tech and media players, including Netflix, Amazon, Comcast and Apple. Even Microsoft may be eyeing parts of the deal.
When Warner Bros. Discovery (WBD) announced it had received “unsolicited interest” from multiple parties, the stock jumped almost 12 %. Shares climbed to $20.44, up $2.12 from the level before the announcement. The company also said it was reviewing strategic options, potentially including a break‑up of its cable and streaming businesses – HBO Max could be spun off next month.
Zaslav’s team believes the company’s assets – a top‑ranked studio, the popular HBO Max streaming service, simulcast channels such as CNN, and a library of valuable intellectual property – could fetch more than $30 a share. That would put the full purchase price at over $70 billion if a bid were accepted. The board has supported Zaslav’s stance, hoping for a substantially higher offer before he considers selling.
Ellison’s past bid for Paramount in August was financed by private‑equity firm Apollo and partnership with Redbird Capital. The $6 billion purchase of Paramount, which owns MTV, CBS and a mid‑size studio, is small compared to the proposed take‑over of Warner Bros. Discovery. The costs and financing logistics remain unclear. Some media analysts point out that Oracle founder Larry Ellison, the senior figure in the Lone Star family, has been reluctant to sell Oracle shares to fund a mega‑deal.
The rally in WBD’s shares reflects investor speculation about whom will ultimately win the tug‑of‑war. The company says it will explore offers for its separate units, potentially leading to a restructure that could create a leaner company in the streaming‑plus‑studio space.
With several heavyweight names now in play – including Hollywood veterans and tech giants – the story remains an open race. The next move from Ellison or Zaslav could shape the future of the U.S. media landscape.
Source: New York Post
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