Money manager Mario Gabelli said it’s “highly likely” he will tender his clients’ Warner Bros. Discovery Inc. shares to Paramount Skydance Corp. in an effort to spark a bidding war for the film and TV company.
In an interview, Gabelli said Paramount will ultimately have to increase its $30-a-share bid for Warner Bros. and that Netflix Inc. will also counter with a higher offer. Tendering shares to Paramount is a way of signaling support for that outcome.
