Warner Bros Discovery rejects Paramount’s $108-billion takeover bid

CHENNAI: Intensifying the ongoing and one of the most closely watched consolidation battles in the global media industry, Warner Bros. Discovery has on Wednesday rejected a $108 billion hostile takeover bid from Paramount Global, Reuters and BBC reported.

Rejecting the bid, the board of Warner Bros. Discovery said the all-cash proposal did not adequately address financing certainty, execution risks and long-term shareholder value, and reaffirmed its support for the company’s existing strategic path.