Warner Bros to reject Paramount’s massive $108 billion bid. Why the battle isn’t over

Warner Bros. Discovery’s board of directors has advised shareholders to reject Paramount Skydance Corporation’s hostile takeover offer and instead approve a previously announced merger agreement with Netflix, according to a statement released on Wednesday. After consulting independent financial and legal advisors, the board concluded that Netflix’s proposal offers better value for WBD shareholders than Paramount Skydance’s bid, which was made on December 8.