Paramount Says Report of $71 Billion Warner Bid Is Inaccurate

Paramount Skydance Corp.said a report that it’s working with a consortium of Middle Eastern sovereign wealth funds on a $71 billion offer for Warner Bros. Discovery Inc. is inaccurate.

Variety reported that David Ellison’s Paramount Skydance is working with Saudi Arabia’s Public Investment Fund, the Qatar Investment Authority and the Abu Dhabi Investment Authority on a bid, citing people familiar with the talks.

“The information Variety published is categorically inaccurate,” a spokesperson for Paramount said in a statement to Bloomberg. “This is a confidential process, which we respect and, as such, will not be commenting until the process ...