Discovery of Warner Bros. rejected three Paramount Skydance buyout offers as it draws widespread buyout interest, CNBC’s David Faber reported Wednesday, citing sources.
Paramount’s latest offer was just under $24 per share and was 80% cash, according to Faber, who previously indicated an offer could be between $22 and $24 per share.
Reuters reported Tuesday that WBD rejected an offer of nearly $24 per share.
WBD said Tuesday it had received “unsolicited interest” from multiple parties and would expand its strategic review process to consider all offers. At the same time, the company is moving forward with its previously announced plan to split into two entities: a streaming and studios business and a global networks business.
Faber reported Tuesday that Netflix And Comcast were among those interested.
“It is not surprising that the significant value of our portfolio is increasingly recognized by other market participants,” Warner Bros. CEO David Zaslav said Tuesday. Discovery. “After receiving interest from multiple parties, we launched a comprehensive review of strategic alternatives to identify the best path forward to unlock the full value of our assets,” he said.
WBD shares gained nearly 11% on Tuesday. They were still up 2% at the start of the session on Wednesday.
Disclosure: Comcast is the parent company of NBCUniversal, which owns CNBC. Versant would become the new parent company of CNBC in Comcast’s planned spinoff of Versant.