Warner Bros. Discovery (NASDAQ:WBD) dropped 1.1% at least partly amid a report that a Paramount Skydance (NASDAQ:PSKY) deal is unlikely to be done on a friendly basis.
Paramount Skydance (NASDAQ:PSKY) will likely make an offer at some point, which will be largely in cash, CNBC’s David Faber said on Monday.
A “friendly deal seems unlikely,” Faber said on the business network. “My expectation is that Paramount will make an offer, that they will not be able to get something done friendly via conversation and therefore will have to come forward with an offer and then it will be up to the board of directors.”
Faber has previously said that Paramount Skydance may bid $22 to $24 a share for WBD.
The Faber comments come after a KeyBanc analyst on Friday downgraded Warner Bros. Discover (NASDAQ:WBD) over deal uncertainty.