Deadlineยท2025-10-22 00:32Group 1 - Paramount Skydance's acquisition offer for Warner Bros. Discovery (WBD) has been rejected for the second time, with the latest bid at $24 per share, up from an initial offer of $20 [1] - WBD has confirmed it is for sale and has initiated a strategic review process due to unsolicited interest from multiple parties [3] - The market has reacted positively, with WBD's stock price doubling since the beginning of the M&A discussions, reaching a three-year high with an 11% increase [5] Group 2 - Media earnings season is underway, with both WBD and Paramount expected to report quarterly results soon, which may provide insights into the M&A landscape [2] - Speculation exists regarding interest from other companies like Comcast, Netflix, and Amazon, but Paramount is seen as a strong contender due to its financial backing and relationships [4] - Netflix's co-CEO has expressed skepticism about a bid for WBD, while Comcast may face antitrust challenges [4]