Warner Bros. Discovery’s board of directors said on Dec. 17 that it is advising shareholders to reject Paramount Skydance’s hostile takeover bid and support Netflix’s offer.
Paramount on Dec. 8 put forward an all-cash $30-per-share bid valuing Warner Bros. at $108.4 billion, matching the offer it made a week earlier. CEO David Ellison argued that the proposal is superior to Netflix’s and said a Paramount–Warner Bros. merger would have better odds of clearing regulatory review.
