Newly formed Paramount Skydance knows it needs, what in modern streaming parlance, are called “content engines”. This is why Star Trek will be getting some kind of reboot, and I would place bets on Mission: Impossible getting some kind of Cruise-less spin-off.
However, it can’t help but look with envious eyes at something like Warner Bros., sitting on IP like Harry Potter and DC. So it did what anyone bankrolled by an Ellison would do. It tried to buy it!
Warner Bros. Discovery received an offer from David Ellison’s company, and they bluntly rejected it, at least this time around.
Bloomberg reports that Paramount Skydance offered $20 per share, and WBD said it was too low. Their shares eventually closed at $17.10 on the day of the offer and started to creep up again, closing yesterday at $17.78 in anticipation of an improved second offer.
WBD has $35.6 billion in total debt, and a market cap of $42.3 billion but massive potential in assets.
The bid was for all of the company, even as lans were in-flight to split out Warner Bros. (Studios, theme parks and streaming) from Discovery Global (TV networks and Discovery+).
This currently has the feeling of a deal that that will happen eventually.
