Warner Bros rejected Paramount’s offer of around US$20 per share in recent weeks, the report said, citing people familiar with the matter.

Paramount declined to comment on the report, while Warner Bros did not immediately respond to Reuters’ request for comment.

Paramount, led by David Ellison, is exploring several paths in its bid for Warner Bros, including increasing its offer, appealing directly to shareholders, or securing extra support from a financial partner, Bloomberg said.

Paramount has been in talks with alternative asset manager Apollo Global Management about backing its bid, Bloomberg reported earlier this week.

Ellison took over Paramount in August after completing a US$8 billion merger with his film production company Skydance Media.