Warner Bros. Discovery rejected a takeover offer of “around” $20 per share from David Ellison’s Paramount Skydance in recent weeks as “too low,” Bloomberg News reported Saturday, citing anonymous sources.

WBD shares closed at $17.10/share Friday, up more than 36% since news broke Sept. 11 of Ellison’s interest in bidding for the rival just weeks after closing Skydance’s deal to acquire Paramount Global. Warner Bros. Discovery, parent of HBO/HBO Max, Warner Bros. Entertainment, CNN, TNT, TBS and more, has a market cap of $42.3 billion. The Bloomberg story did not indicate whether Paramount’s bid included the assumption of WBD’s total debt (which as of June 30 was $35.6 billion).

Paramount Skydance has been in talks with Apollo Global Management, the asset management firm that had p

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