Warner Bros. Discovery (WBD) edged lower by 0.4% amid a report that Paramount Skydance (PSKY) is unlikely to raise its $30 a share cash offer for the entertainment giant.
Paramount (PSKY) and its financial backers, including billionaire Larry Ellison, aren’t prepared to go higher than $30 a share, according to a Variety report on Wednesday, which cited people familiar with the thinking of Paramount and its financial backers.
The latest update comes after Paramount Skydance (PSKY) last week extended the tender offer deadline for its $108.4 billion hostile takeover of Warner Bros. (WBD) to Feb. 20 as it battles with Netflix (NFLX).
Shares of Netflix (NFLX) ticked higher by 0.4% and Paramount Skydance (PSKY) edged higher by 0.2%.