Warner Bros. Discovery has rejected three separate takeover bids from Paramount, including one for nearly $24 per share that was 80% cash and 20% stock, according to CNBC.
The moves come as WBD has launched a review of strategic alternatives following “unsolicited interest” from “multiple parties” for all or part of its business. The outlet previously reported that both Comcast and Netflix are interested in the company’s studio and streaming assets, which are on track to split from its linear networks business in April.
Representatives for Warner Bros. Discovery did not immediately return TheWrap’s request for comment, while Comcast and Paramount declined to comment.
In addition to continuing with the split into Warner Bros. and Discovery Global, WBD’s board said they would evaluate separate transactions for those two companies or a deal for the entire combined company. It also said it would consider an alternative separation structure that would enable a merger of Warner Bros. and spin-off of Discovery Global to its shareholders.
There is no deadline or definitive timetable set for this review process. The company noted that it does not intend to make any further announcements about this review until the board approves a specific transaction or determines that further disclosure is necessary.
Meanwhile, during their third quarter earnings call on Tuesday, Netflix executives said that they would be “choosy” with regard to M&A and reiterated that they have “no interest” in acquiring linear networks.
“It’s true that historically, we’ve been more builders than buyers, and we think we have plenty of runway for growth without fundamentally changing that playbook. Nothing is a must-have for us to meet our goals that we have for the business,” Netflix co-CEO Ted Sarandos explained. “But we focus on profitable growth and reinvesting in our business, both organically and through selective M&A. And when it comes to M&A opportunities, we look at them, and we look at all of them.”
“It’s our responsibility to look at every significant opportunity. We’ve got a clear framework to evaluate those opportunities and we’ll do whatever we think is best to grow the business,” co-CEO Greg Peters added.
Shares of WBD, which hit a new 52-week high of $21.22 on Tuesday, are up 172% in the past year, 92.6% year to date and 158.3% in the past six months.
