Warner Bros. Discovery rejected a bid of $23-$24/shr from Paramount Skydance - report

[Warner Bros. Discovery Upfront 2022 - Show]
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Warner Bros. Discovery (NASDAQ:WBD [https://seekingalpha.com/symbol/WBD]) rejected an offer of nearly $24 a share from Paramount Skydance (NASDAQ:PSKY [https://seekingalpha.com/symbol/PSKY]).

The offer was mostly in cash, according to a Reuters report on Tuesday, which cited a person familiar with the matter.

The report comes after Warner Bros. Discovery (NASDAQ:WBD [https://seekingalpha.com/symbol/WBD]) earlier Tuesday said it would explore strategic alternatives [https://seekingalpha.com/news/4505976-warner-bros-discovery-explores-strategic-alternatives-amid-paramount-buyout-interest]after receiving multiple unsolicited interests for both the entire company and just its studio and streaming operations.

Several media reports indicated on Tuesday that Netflix (NFLX [https://seekingalpha.com/symbol/NFLX]) and Comcast (CMCSA [https://seekingalpha.com/symbol/CMCSA]) are interested in the studio and streaming operations of Warner Bros. Discovery (WBD [https://seekingalpha.com/symbol/WBD]).

Shares of Warner Bros. (WBD [https://seekingalpha.com/symbol/WBD]) jumped 11%.

Netflix is set to report Q3 results after the close. [https://seekingalpha.com/news/4505726-netflix-q3-earnings-on-deck-what-to-expect]

MORE ON WARNER BROS. DISCOVERY, PARAMOUNT SKYDANCE CORPORATION

* Paramount Skydance Corporation (PSKY) Discusses Strategy to Revitalize Content and Grow Streaming Market Share Transcript [https://seekingalpha.com/article/4830252-paramount-skydance-corporation-psky-discusses-strategy-to-revitalize-content-and-grow]
* Warner Bros. Discovery: Is The Deal-Gamble Worth The Headache [https://seekingalpha.com/article/4829650-warner-bros-discovery-is-the-deal-gamble-worth-the-headache]
* Paramount Skydance: Sunny Skies Ahead, Long-Term Bet [https://seekingalpha.com/article/4827677-paramount-skydance-sunny-skies-ahead-long-term-bet]
* Warner Bros. Discovery explores strategic alternatives amid high takeover interest [https://seekingalpha.com/news/4505976-warner-bros-discovery-explores-strategic-alternatives-amid-paramount-buyout-interest]
* ‘Black Phone 2’ answers the call with $26.5M debut to lead box office [https://seekingalpha.com/news/4505463-black-phone-2-answers-the-call-with-26_5m-debut-to-lead-box-office]