The Writers Guild of America vows to block Psyk (PSKY.US) from acquiring Warner Brothers Discovery (WBD.US)

According to media reports, the Writers Guild of America (which represents professional writers in the film, television, and broadcast industries) has stated that they will work with regulatory authorities to prevent Paramount Skydance (PSKY.US) from acquiring their competitor Warner Bros. Discovery Channel (WBD.US). The guild stated in a release, "The consecutive mergers in the media industry have harmed the interests of employees, weakened market competition and freedom of speech, and wasted billions of dollars, which could have been better used for their own organic growth. The merger of Warner Bros. with Paramount or other major film studios or streaming companies would have disastrous effects on writers, consumers, and market competition." This statement comes after reports emerged that Paramount Skydance was one of the highest bidders among the acquiring companies. Paramount Skydance CEO David Ellison initially bid $20 per share and later raised the offer to between $22 and $24 per share. Reports then indicated that Ellison offered $25 per share but stated that he would not pay a higher price. Warner Bros. Discovery Channel quickly rejected all three offers presented by the company. Due to its highly coveted intellectual property assets by acquirers, Warner Bros. Discovery Channel CEO David Zaslav stated earlier this week that he is exploring acquisition strategies for their assets but reaffirmed that the company's planned split is proceeding as scheduled. Zaslav noted that Warner Bros. Discovery Channel has received multiple informal purchase intentions from various parties, involving both the entire company and its studios and streaming business. It has been reported that Comcast Corporation Class A (CMCSA.US) and Netflix (NFLX.US) are also among the interested acquirers. Zaslav previously stated, "The tremendous value of our portfolio is gradually being recognized by other parties in the market, which comes as no surprise."