The Warner Bros. Discovery board recommends shareholders reject Paramount Skydance’s hostile takeover bid, stating the $30 per share offer is inferior to Netflix’s $72 billion deal. Paramount, backed by Larry Ellison, failed to address the board’s concerns, prompting criticism from WBD’s seventh largest shareholder, Pentwater Capital Management. Paramount’s bid remains unchanged.

Paramount’s interest in Warner Bros. Discovery began in September, with three rejected takeover offers. Despite Pentwater’s objections, the WBD board continues to support Netflix’s merger agreement over Paramount’s bid. Netflix emphasizes engaging with antitrust regulators and affirms its commitment to delivering value to shareholders, consumers, and the entertainment industry.

Read more at CNBC: WBD rejects Paramount offer again in favor of Netflix deal