After rejecting Paramount Skydance’s initial offer, Warner Bros. Discovery has now rejected a second bid from David Ellison’s team, this one reportedly higher at $24 per share, up from the previous $20 offer.
The move comes as WBD officially confirmed it is “reviewing strategic alternatives” following unsolicited interest from multiple parties, and it continues to push forward with its planned 2026 company split.
CEO David Zaslav appears to be holding firm on his plan to drive up the company’s value before entertaining a sale, and for now, he’s succeeding.
Second Bid Shot Down as Stock Price Surges
As first reported by the New York Post and now confirmed by Deadline, Paramount Skydance made a second, higher offer for Warner Bros. Discovery. But just like the first, it was turned down. WBD didn’t comment on the offer, and neither did the Ellison camp.
This new rejection came on the same day WBD publicly acknowledged it has received interest from “multiple parties” to buy all or parts of the company, including the Warner Bros. studio and HBO Max streaming division.
That announcement, combined with M&A speculation, has sent WBD’s stock to its highest point in three years, briefly topping $20.33 per share, effectively surpassing Ellison’s first offer.
Zaslav Playing for More — and It’s Working
The rejection confirms what may have suspected from the beginning: Zaslav isn’t interested in cutting a quick deal. His strategy has been to inflate WBD’s value ahead of a sale, and so far, that’s happening. Rejecting $24/share implies that WBD leadership now sees a significantly higher price ceiling, likely somewhere between $28–$32+ per share, depending on market conditions and bidder competition.
This also positions Zaslav to field better offers or sell off only specific pieces—such as Warner Bros.—once the 2026 split with Discovery Global is finalized.
Paramount Still Favorite, But Faces Pressure
Despite two rejections, Wall Street still views Paramount Skydance as the leading contender, thanks to Ellison’s financing from Oracle and his team’s momentum following the August Paramount Global merger. However, with each bid rejection, the pressure increases to either raise the price, go public, or bring in a private equity partner to close the gap.
Other potential bidders—including Comcast, Amazon, and Netflix—are reportedly watching closely. But all face their own issues. Comcast, due to regulatory roadblocks. Amazon, due to strategic overlap and antitrust scrutiny. Netflix, because it publicly stated it has “no interest in legacy media networks”, though it hasn’t ruled out acquiring just Warner Bros. post-split.
The Game Is Still Wide Open
Zaslav is holding the cards, and so far, he’s dictating the pace.
With two rejected bids, skyrocketing stock, and multiple parties showing interest, he’s built exactly what he wanted: a high-stakes, multi-bidder environment.
