Paramount Skydance Denies Reports of $71 Billion Warner Bros. Discovery Bid with Middle Eastern Investors

Paramount Skydance has denied reports that it is collaborating with sovereign wealth funds from Saudi Arabia, Qatar, and Abu Dhabi to submit a $71 billion bid for Warner Bros. Discovery. A company spokesperson stated that the information is "categorically inaccurate."

The initial report suggested that the Ellison family, which holds full voting control in Paramount Skydance, was leading the bid with contributions from the Public Investment Fund of Saudi Arabia, the Qatar Investment Authority, and the Abu Dhabi Investment Authority. Each fund was purportedly set to invest $7 billion, with Paramount Skydance providing the remaining $50 billion.

Warner Bros. Discovery has been exploring strategic options, including potential sales, following declines in its television business. The company has set a November 20 deadline for initial bids, with other interested parties reportedly including Comcast and Netflix.

Comcast has engaged financial advisors and gained access to Warner Bros. Discovery's financial data, indicating serious interest in a potential bid.

As of now, Warner Bros. Discovery and the mentioned sovereign wealth funds have not responded to requests for comment.