Warner Bros. Discovery (NASDAQ:WBD) rejected an offer of nearly $24 a share from Paramount Skydance (NASDAQ:PSKY).
The offer was mostly in cash, according to a Reuters report on Tuesday, which cited a person familiar with the matter.
The report comes after Warner Bros. Discovery (NASDAQ:WBD) earlier Tuesday said it would explore strategic alternatives after receiving multiple unsolicited interests for both the entire company and just its studio and streaming operations.
Several media reports indicated on Tuesday that Netflix (NFLX) and Comcast (CMCSA) are interested in the studio and streaming operations of Warner Bros. Discovery (WBD).
Shares of Warner Bros. (WBD) jumped 11%.
Netflix is set to report Q3 results after the close.