Paramount Skydance Explores Warner Bros Discovery Deal In Talks With Apollo and Legendary: Report

Paramount Skydance (PSKY) has reportedly held talks with Legendary Entertainment and Apollo Global Management (APO) regarding its interest in acquiring Warner Bros. Discovery (WBD).

According to a Bloomberg News report, citing people familiar with the matter, the discussions were related in part to Legendary’s investment in some of Warner Bros.’ major film franchises such as Dune, Godzilla and A Minecraft Movie.

Shares of Warner Bros. Discovery were down over 4% in afternoon trading. Retail sentiment on the stock remained unchanged in the ‘bearish’ territory compared to a day ago, with message volumes at ‘extremely low’ levels, according to data from Stocktwits.

In September, CNBC reported that Paramount was preparing a takeover bid for Warner Bros. Discovery, with an offer between $22 and $24 per share. 

Bloomberg noted that Paramount, which owns CBS, MTV, and its flagship film studio, was acquired in August through a merger with David Ellison’s Skydance Media. The report said that as Paramount’s CEO, Ellison is eyeing a potential bid for Warner Bros. ahead of its planned spinoff of cable-TV assets into a standalone entity next year.

In July, the U.S. regulatory authorities cleared Paramount and Skydance’s merger after Skydance’s CEO promised that the new company would maintain “unbiased journalism.” 

Shares of Apollo were down marginally in afternoon trading. Retail sentiment on Apollo remained unchanged in the ‘bullish’ territory compared to a day ago, with chatter at ‘normal’ levels, according to data from Stocktwits.

Warner Bros. Discovery’s shares have risen nearly 69% this year and have jumped over 130% in the last 12 months.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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