A potential Paramount Skydance (NASDAQ:PSKY) bid for Warner Bros. Discovery (NASDAQ:WBD) may take a bit longer than expected.
“It could be a little while,” CNBC’s David Faber said on the business network on Tuesday. Faber said that while he said last week a deal may come as soon as this week, he’s not sure now if that will be the case.
“It may be a bit of a longer wait than might have been anticipated by those who are following it closely,” Faber said.
Shares of Warner Bros. Discovery (NASDAQ:WBD) fell 8% on Tuesday amid the deal timing report and after TD Cowen earlier cut the entertainment behemoth to hold from buy, citing deal uncertainty.
Warner Bros. Discovery (NASDAQ:WBD) surged almost 30% on news of the possible takeover bid on Thursday and climbed another 15% on Friday.