Paramount: Reports of a potential $71 billion acquisition of Warner Bros. Discovery are inaccurate.

Paramount Skydance Corp. stated that reports of the company working with a consortium of a Middle Eastern sovereign wealth fund to acquire Warner Bros. Discovery for $71 billion are inaccurate. According to sources cited by Variety, David Ellison's Paramount Skydance is working with the Saudi Arabian Public Investment Fund, the Qatar Investment Authority, and the Abu Dhabi Investment Authority to prepare a bid. A Paramount spokesperson said in a statement to Bloomberg News, "The information published by Variety is completely inaccurate. This is a confidential process, we respect this process and therefore will not comment until the process is completed."