Warner Bros. has officially rejected Paramount’s first offer to buy the media and entertainment corporation.

In a new report by Bloomberg , Warner Bros. Discover Inc. has rejected Paramount Skydance Corp’s initial offer for “being too low”. Paramount’s offer is around $20 per share, and currently, the media giant is estimated to be worth over $42 billion with $17.10 shares.

Paramount’s CEO, David Ellison , is allegedly relentless in his pursuit to purchase Warner Bros and is said to be increasing his bid by finding additional backing and heading directly to shareholders. Paramount shares are currently at $17 a share and are valued at $18.6 billion.

Paramount+ logo autumn trees

Ellison took over Paramount earlier this year after completing an $8 billion merger with his film

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