Warner Bros Discovery Inc. has rebuffed Paramount Skydance Corp.’s initial takeover approach for being too low, according to people familiar with the matter.

Warner Bros. rejected Paramount’s offer of around $20 per share in recent weeks, the people said, asking not to be identified because the matter is private.

Paramount, led by David Ellison, has several options in its pursuit of Warner Bros., including boosting its bid, going directly to shareholders or finding additional backing through a financial partner, they added.

CNBC’s David Faber reported last week that the companies are in talks about a deal but are in disagreement over price and that Paramount could make its offer public to shareholders to pressure Warner Bros.

Representatives for Paramount and Warner Bros. declined to c

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