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Warner Bros. Discovery rejected an offer of around $20 per share from David Ellison’s Paramount Skydance as too low, Bloomberg reported, citing unnamed sources. WBD shares closed Friday at $17.10, up more than 36% since Sept. 11, when Ellison’s interest emerged. The report said it’s unclear whether the bid accounted for WBD’s $35.6 billion debt. Paramount Skydance has held talks with Apollo Global Management about joining a bid; none of the parties commented. At Bloomberg Screentime, Ellison didn’t confirm a bid but argued Paramount needs more content and scale, echoing comments that the industry needs consolidation.

Prepared by Christopher Adams and reviewed by editorial team.