Warner Bros. Discovery gains on report about status of Paramount Skydance talks

[Warner Bros. Discovery Upfront 2022 - Show]
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Warner Bros. Discovery (NASDAQ:WBD [https://seekingalpha.com/symbol/WBD]) rose 4% after a report about the status of Paramount Skydance's (NASDAQ:PSKY [https://seekingalpha.com/symbol/PSKY]) efforts to purchase the entertainment giant.

Paramount Skydance (NASDAQ:PSKY [https://seekingalpha.com/symbol/PSKY]) has been in talks for weeks with Warner Bros. Discovery (NASDAQ:WBD [https://seekingalpha.com/symbol/WBD]) about a potential deal, but the sides have yet to agree on price, according to CNBC's David Faber. A potential deal would include mostly cash and some stock.

On the deal price "it doesn't appear that a great deal of progress is being made," Faber said, citing people close to the matter.

There are no other bidders for the entire Warner Bros. Discovery (WBD [https://seekingalpha.com/symbol/WBD]) company, according to CNBC's Faber. Billionaire Oracle Chairman Larry Ellison still supports his son David Ellison, who is the CEO of Paramount Skydance, in any effort to purchase WBD.

"Ultimately this is going to be up to the board of Warner Bros. if they hit a number that many shareholders would say, 'Hey, that's a number we can accept," Faber explained.

MORE ON WARNER BROS. DISCOVERY, PARAMOUNT SKYDANCE CORPORATION

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* Paramount Skydance Chief sees `lots of options' for media deals [https://seekingalpha.com/news/4503105-paramount-skydance-chief-sees-lots-of-options-for-media-deals]
* Paramount Skydance talking to PE firms for potential Warner Bros. Discovery deal - report [https://seekingalpha.com/news/4502732-paramount-skydance-talking-to-pe-fims-for-potential-warner-bros-discovery-deal---report]