Paramount Skydance

Warner Bros Discovery has turned down a nearly $60 billion all-cash offer from Paramount Skydance, as the entertainment giant begins exploring other strategic options, including a potential split of its major businesses.

Reuters first reported that the Warner Bros Discovery board rejected the proposal, valued at about $24 per share. The bid covered the company’s extensive assets, including Warner Bros film and television studios, CNN, HBO Max, and a portfolio of cable channels. Shares of Warner Bros Discovery jumped 11% on Tuesday following the news.

In a statement released Tuesday, Warner Bros Discovery confirmed that it would evaluate a range …