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Paramount Skydance has joined forces with Saudi Arabia’s Public Investment Fund, the Qatar Investment Authority, and the Abu Dhabi Investment Authority to submit a bid for Warner Bros., Variety reported, citing sources familiar with the ongoing negotiations.
“The information published by Variety is categorically inaccurate,” a Paramount spokesperson said in a statement to Bloomberg. “This is a confidential process, which we respect, and therefore we will not comment on it until it is concluded.”
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A consortium led by Paramount Skydance is vying to acquire Warner Bros., offering approximately $28.65 per share, according to the report. This bid significantly exceeds previous offers from Paramount, which reportedly reached as high as $23.50 per share and were previously rejected by the Warner Bros. board.
Paramount is expected to contribute $50 billion to the offer, with each of the sovereign wealth funds pledging $7 billion, Variety reported.
Following the initial report, Warner Bros. shares jumped as much as 6.4% in New York trading before paring some gains. Paramount stock rose as much as 3.7%. The market reaction suggests investors are weighing the potential for a significant restructuring in the media landscape.
Warner Bros., the parent company of the Warner Bros. studios and the HBO and CNN networks, announced in October that it was seeking potential buyers after receiving interest from several parties. A deadline for submitting bids was set for Thursday.
In addition to Paramount, streaming service Netflix and media company Comcast, owner of Universal Pictures and the NBC and CNBC networks, are also expected to submit bids for Warner Bros.’ film and streaming assets. Paramount is the only entity pursuing a full acquisition of Warner Bros.
A merger between Paramount Skydance and Warner Bros. would reshape the media industry, uniting two of the largest film studios and two of the most influential news networks under one umbrella. Any agreement would likely face scrutiny from antitrust regulators.
Paramount Skydance was formed just last August, when Skydance, led by David Ellison, son of Oracle founder Larry Ellison, acquired Paramount for $8 billion and merged the two companies. Ellison is now pursuing an even larger deal with Warner Bros., arguing that Paramount’s offer represents the simplest path forward for Warner Bros.
However, Warner Bros. CEO David Zaslav reportedly favors splitting the company into two parts, as originally planned, believing that the film and streaming assets could yield a higher return if separated from the struggling cable television assets.
