Warner Bros reject Paramount bid: Board calls offer misleading; backs Netflix merger

Warner Bros. Discovery’s board has unanimously rejected Paramount Skydance’s $108 billion takeover bid, calling it “misleading” and “inadequate.” The board reiterated its commitment to a merger with Netflix, citing superior value and certainty. Paramount Skydance’s proposal faces significant risks and lacks a full Ellison family backstop, according to WBD.