Paramount Skydance's acquisition proposal was rejected by Warner Bros. Discovery Channel as they believed the offer of $20 per share was too low.

According to reports, Warner Bros. Discovery Channel (WBD.US) has rejected a preliminary acquisition proposal from Paramount Skydance (PSKY) for about $20 per share, deeming the offer undervalued. It is said that Paramount Skydance is considering various options to proceed with the acquisition, including raising the bid, directly approaching the shareholders of Warner Bros. Discovery Channel for a takeover, or bringing in financial backers to strengthen its offer. It was previously reported that Paramount Skydance had discussions with Apollo Global Management Inc. (APO.US) regarding possible financial support. David Ellison took over Paramount Skydance in August, after the company completed an $8 billion merger with his personal company Skydance Media.