Paramount to keep Warner bid despite wealth fund talks, WSJ says

Paramount Skydance (PSKY) has had early discussions with Middle Eastern sovereign-wealth funds about investing in its potential acquisition of Warner Bros. Discovery (WBD), Joe Flint and Lauren Thomas of Wall Street Journal report, citing people familiar with the matter. The sovereign-wealth funds are not expected to be named in the nonbinding proposal that Paramount will submit this week to Warner, the sources added. Paramount’s bid is expected to be in the same range of its latest unsolicited proposal, which valued Warner Discovery at $23.50 per share, some of the people told the paper. Shares of Warner Bros. Discovery are down 2% to $23.21 following the report.