Warner Bros Discovery board has rejected a hostile bid from Paramount, refusing to engage in negotiations. The offer was reportedly valued at $100 billion, but the board believes it undervalues the company’s potential. Warner Bros Discovery was formed after the merger between WarnerMedia and Discovery last year. The rejection comes as a surprise to many in the industry, with speculation about potential counteroffers.

Read more at Investing.com: Warner Bros Discovery board rejects hostile bid from Paramount