UPDATE: Paramount Skydance has denied a Variety report that the company is forming an investment consortium with sovereign wealth funds from Saudi Arabia, Qatar and Abu Dhabi to make a bid for Warner Bros. Discovery.
A representative for Paramount Skydance said in a statement: “The information published by Variety is categorically inaccurate.” “This is a confidential process, which we respect and will not comment until the process is concluded.”
Variety previously reported, citing anonymous sources, that the Ellison family (which owns 100% of Paramount Skydance’s voting rights) is working with funds from three Arab countries – Saudi Arabia’s Public Investment Fund (PIF), Qatar Investment Authority (QIA) and Abu Dhabi Investment Authority (ADIA) – to put together a $71 billion bid for WBD.
Warner Bros. Discovery’s board has set a Nov. 20 deadline for initial bids from interested acquirers, including Comcast and Netflix. Warner Bros. Discovery’s board had previously rejected a $23.50 per share offer from Paramount Skydance Chairman and CEO David Ellison.
Meanwhile, Comcast co-CEO Brian Roberts traveled to Saudi Arabia in late October to attend a PIF-sponsored conference in Riyadh, Variety confirmed. He also visited Qiddiya, where the country is building a theme park destination, and surveyed potential areas for a universal park in the area. However, it is unclear whether Mr. Roberts sought investment support from Saudi Arabia for Comcast’s bid for Warner Bros.
Representatives for Warner Bros. Discovery and Comcast declined to comment.
