Third Paramount Bid for Warner Bros Discovery Rebuffed
Warner Bros Discovery (WBD) has rejected three buyout bids from Paramount, according to US media reports.
Interest in WBD increased after the company announced a "review of strategic alternatives." The latest bid by Paramount was reportedly either $23.50 or just under $24 a share, with 80% to be paid in cash.
WBD shares closed at $20.53 on Wednesday, up from under $19 at the start of the week.
Paramount offered to make WBD chief executive David Zaslav co-chief executive and co-chairman of the combined company, alongside new Paramount chief executive David Ellison.
The reports come after WBD announced it has "initiated a review of strategic alternatives to maximize shareholder value."
Author's summary: WBD rejects Paramount's third bid.