Warner Bros (WBD) Climbs to Fresh High on Sale Plan

We recently published 10 Stocks Leaving Wall Street in the Dust. Warner Bros. Discovery, Inc. (NASDAQ:WBD) is one of the best performers on Tuesday.

Warner Bros climbed to a new all-time high on Tuesday, jumping 10.97 percent to finish at $20.33 apiece as investors gobbled up shares following announcements that it was exploring a sale, albeit rejecting a nearly $60 billion offer from Paramount Skydance.

In intra-day trading, Warner Bros. Discovery, Inc. (NASDAQ:WBD) jumped to its highest price of $20.58 before paring gains to end the day just up by 10.97 percent at $20.33 apiece.

Citing sources privy to the matter, Reuters said that Paramount Skydance offered to acquire Warner Bros. Discovery, Inc. (NASDAQ:WBD) at $24 per share—a value which the latter’s board rejected.

Earlier in June, Warner Bros. Discovery, Inc. (NASDAQ:WBD) announced that it would split into studio-centric and cable-focused units by 2026 to separate its growing streaming business from its lagging cable network unit.

Reuters said the firm was considering a range of options, including its planned separation, a deal for the entire company, or separate transactions for its Warner Bros or Discovery Global businesses.

It would also explore an alternative separation structure that would see the merger of Warner Bros and a spinoff of Discovery Global.

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Disclosure: None. This article is originally published at Insider Monkey.