Bloomberg reported that Warner Bros has rejected the initial acquisition offer from Paramount SkyDance.

Insiders revealed that Warner Bros declined Paramount SkyDance’s initial bid of around $20 per share in recent weeks.

The sources, who asked to remain anonymous due to confidentiality, said Paramount, led by David Ellison, has several options to acquire Warner Bros, including raising its offer, going directly to shareholders, or seeking additional support through a financial partner.

David Faber, CNBC correspondent, reported last week that the two companies are in talks about a deal but disagree on price, and Paramount may announce its offer to shareholders to pressure Warner Bros.

Warner Bros shares closed at $17.10 on Friday, valuing the company at $42.3 billion. Paramount’s share price was $17, valuing it at about $18.6 billion.

Ellison, son of billionaire Larry Ellison, acquired Paramount, the parent company of CBS, Nickelodeon, MTV networks, and its namesake film studio, in August after completing an $8 billion merger with his film production company Skydance Media.

Bloomberg News reported last week that Paramount is in talks with alternative asset manager Apollo Global Management for backing its offer.

Ellison said at the Bloomberg Screen Time conference last week that he could not comment specifically on Warner Bros but made arguments for further consolidation in the sector.

Warner Bros plans to split into two companies, one focusing on cable TV and the other on streaming and studios, in a deal expected to close next year.

David Zaslav, CEO of Warner Bros, believes he can secure a significant premium for the streaming and studio business once separated from the debt-laden cable networks, according to Bloomberg News. To close a deal, Ellison will have to convince him he won’t waste his money by selling before that happens.