Paramount Skydance CEO David Ellison believes the $23.50 per share acquisition offer to Warner Bros. Discovery is best for shareholders. WBD is considering options to split, sell assets, or sell the entire company. Paramount has sent letters to WBD’s board detailing why their offer is superior, signaling potential aggressive negotiations.

Warner Bros. Discovery rejected three offers from Paramount for a full takeover. Paramount is willing to engage in friendly discussions but may pursue a hostile bid if necessary. WBD requested a nondisclosure agreement with a standstill provision from Paramount. Paramount argues its offer is 87% higher than WBD’s unaffected share price.

Paramount’s assumptions differ from analysts’ estimates for WBD’s value in a potential sale. Paramount believes its deal is poised for regulatory approval, citing support from President Donald Trump. Some speculate Comcast could structure a deal with WBD, potentially merging NBCUniversal with studio and streaming assets. Shareholders’ response to potential deals remains uncertain.

Read more at CNBC: Warner Bros. Discovery targets Christmas for sale or split plans; Paramount in limbo