Warner Bros. rejects Paramount's first bid to buy company
The bid was for all of the company, but Warner Bros. deemed it too low.
Rumours of Warner Bros. being bought have been sparked since the company revealed it was planning to split into two entities next year. However, even if Warner Bros. is up for new ownership, it isn't going to roll over at the first offer.
According to Bloomberg, recent reports tell us that Warner Bros. rejected Paramount's first bid to buy the company, which offered $20 per share. Warner Bros. Discovery shares were at $17.10 per share this past Friday at market close.
The bid was for the whole company, not just one of its two entities. It is unknown whether this bid also would assume Warner Bros.' billions of dollars in debt, but one would imagine this is something WBD is eager to get rid of.
As Paramount looks to add an absolute titan to its content production, and Warner Bros. readies itself for sale, we can imagine another bid will be drawn up rather soon. Whether it'll satisfy WB is a whole other matter.
