Warner Bros asks shareholders to reject Paramount offer

Warner Bros Discovery has urged its shareholders to reject a “superior” updated bid from Paramount Skydance, marking the second rejection in less than a month. The board deemed the offer inferior following Netflix’s agreement to purchase Warner Bros’ film and streaming businesses for $72bn. Paramount’s bid included acquiring all of Warner Bros’ entities, including major TV channels like CNN and TNT. The board maintains the proposal does not serve shareholders’ best interests.

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