How many offers did Warner Bros. reject from Paramount? Explored

Warner Bros. Discovery is officially in play. After acknowledging unsolicited interest from multiple parties, the board has launched a review of strategic options that could include an outright sale, asset sales, or maintaining its mid-2026 plan to split into two companies, Warner Bros. and Discovery Global. In the background, multiple outlets report that Paramount has already made three attempts at Warner Bros.

All were turned down, including a latest offer just under $24 a share that valued Warner Bros. at nearly $60 billion and was mostly cash. On the record, CEO David Zaslav states that the process aims to unlock the full value of Warner Bros., while board chair Samuel A. Di Piazza Jr. emphasizes that there is no timetable and no assurance of a deal. Any buyer will have to weigh Warner Bros.’ debt load and regulatory friction against its portfolio across Warner Bros. Pictures, Max, CNN and major cable networks.

How many offers did Paramount make, and what were the terms for Warner Bros

On Wednesday, The Wall Street Journal reported that Warner Bros. rejected three acquisition offers from Paramount Skydance. The most recent bid was approximately $23.50 per share and fell short of what the Warner Bros. board would accept. CNBC separately reported the three-offer count and stated that the latest proposal was roughly 80 percent cash, which aligns with other coverage of a price just under $24 per share. These reports establish the answer to the headline question. Warner Bros. turned down three offers from Paramount.

The Warner Bros. board rejected a nearly $60 billion buyout offer from Paramount, with a per-share value of just under $24. A Bloomberg report dated October 21, 2025, added context that multiple bids below $30 per share were rejected as Warner Bros. weighed its options. Together, these details clarify why the bids did not clear the bar for Warner Bros. shareholders.

Earlier outreach appears to have started at a lower level. Reuters reported on October 21, 2025, that an initial approach of around $20 per share was rejected as too low. That timeline suggests Paramount increased headline price and cash mix across successive offers, yet Warner Bros. kept the door closed as the review began.

What Warner Bros has said on the record in its press release and quotes

Warner Bros. announced its strategic review on October 21, 2025, and listed the full range of paths the board will evaluate, including continuing the planned separation by mid-2026, a transaction for the entire company, or separate transactions for Warner Bros. and Discovery Global. The company also named Allen & Company, J.P. Morgan and Evercore as its financial advisers, and Wachtell and Debevoise as its legal counsel. As per the Warner Bros. Discovery press release dated October 21, 2025, President and CEO of Warner Bros. Discovery, David Zaslav, said,

“After receiving interest from multiple parties, we have initiated a comprehensive review of strategic alternatives to identify the best path forward to unlock the full value of our assets.”

The quote frames why Warner Bros. is testing market appetite while the split plan remains active. As per the Warner Bros. Discovery press release dated October 21, 2025, Chair of the Warner Bros. Discovery Board of Directors, Samuel A. Di Piazza Jr., stated,

“Our decision to initiate this review underscores the Board’s commitment to considering all opportunities to determine the best value for our shareholders.”

The release also notes there is no deadline or definitive timetable for completion, and there is no assurance the process will result in a deal.

What happens next for Warner Bros.' valuation, debt, rivals and hurdles

Any buyer would need to assume approximately $35 billion of Warner Bros.' debt, a key factor in determining price and structure. That debt overhang helps explain why bids under $30 per share met resistance, given street frameworks that place Warner Bros.' value closer to the high 20s to $30 per share.

Bloomberg reporting says Netflix and Comcast are weighing bids for parts of Warner Bros., while the strategic review keeps the mid-2026 split on the table. That means the next phase could involve full-company proposals or targeted asset offers for the Warner Bros. studio or the network's portfolio, depending on regulatory and financing realities.

The Associated Press, on October 22, 2025, notes that an acquisition of Warner Bros. by a major peer could invite antitrust scrutiny. The company has emphasized that the review is in early stages, there is no guaranteed outcome, and the previously announced split remains an active path. For now, the confirmed facts are straightforward. Warner Bros. received multiple approaches, while Paramount made three; all three were declined. The board has started a formal process to test the market.

Stay tuned for more updates.