Warner Bros rejects Paramount’s revised offer, but gives studio a week to negotiate better deal

Warner Bros Discovery has declined Paramount Skydance’s revised hostile takeover offer of $30 per share. However, Warner Bros said it would allow Paramount seven days to propose an improved bid. The acquisition attempt targets the owner of HBO Max and the “Harry Potter” franchise. Warner Bros made the decision public in a statement. The move follows Paramount Skydance’s effort to acquire the Hollywood studio through a hostile approach. Warner Bros Discovery has not accepted the current terms but appears open to further negotiations within the set timeframe.

Paramount’s bid came amidst ongoing discussions in the entertainment sector about consolidation and strategic positioning. Warner Bros Discovery’s response suggests a willingness to entertain better offers. The seven-day window provides limited time for Paramount to reassess or enhance its proposal. This development keeps the potential deal active while maintaining Warner Bros Discovery’s control over the process. No additional comments or details were provided by Warner Bros regarding the specific conditions for a better bid.