Warner Bros rebuffs Paramount takeover approach, Bloomberg News reports

The Warner Bros logo is seen during the Cannes Lions International Festival of Creativity in Cannes, France, Jun 22, 2022. REUTERS

Warner Bros Discovery has rebuffed Paramount Skydance's initial takeover approach as too low, Bloomberg News reported on Saturday.

Warner Bros rejected Paramount's offer of around $20 per share in recent weeks, the report said, citing people familiar with the matter.

Warner Bros and Paramount did not immediately respond to a Reuters request for comment.

Paramount, led by David Ellison, is exploring several paths in its bid for Warner Bros., including increasing its offer, appealing directly to shareholders, or securing extra support from a financial partner, Bloomberg report added, citing sources.

Paramount has been in talks with alternative asset manager Apollo Global Management about backing its bid, Bloomberg reported earlier this week.

Ellison, took over Paramount in August after completing an $8 billion merger with his film production company Skydance Media.