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Paramount-Warner Bros Merger: Warner Bros Discovery Inc., global entertainment and media behemoth, seeks a higher bid for the sale of the company, CEO David Zaslav said in a town hall meeting for employees, according to a report of Bloomberg. The board of Warner Bros Discovery had already rejected three bids from Paramount Skydance Corp, the Bloomberg report added. Warner Bros. Discovery is a global entertainment powerhouse known for its extensive portfolio spanning film, television, news, sports, and streaming. Formed through the merger of WarnerMedia and Discovery Inc., the company owns major brands like HBO, CNN, DC Studios, Cartoon Network, and Discovery Channel. The last bid that Paramount put to acquire Warner Bros. was for $23.50 per share. Last week, Zaslav hinted that Warner Bros is exploring options to sell the company or at least parts of the business. Zaslav added that the potential bidders included Apple and Amazon, while he spoke over 100 of his senior leaders last week, as per Bloomberg report. In case, Warner Bros fails to sell its business, then the company would consider spinning off the struggling cable-TV channels from the fast-growing studios and streaming business next year. Ellison, son of billionaire Larry Ellison, assumed control of Paramount — the parent company of CBS, Nickelodeon, MTV, and the Paramount Pictures studio — in August following the completion of an $8 billion merger with his production firm, Skydance Media. Warner Bros rejected the initial bid of Paramount at $20 per share. Shares of Warner Bros Discovery Inc surged 9 per cent in the last one month over the possibility of an acquisition deal with Paramount Skydance Inc.
