The board decision comes a day after Affinity Partners, a fund backed by Trump’s son-in-law Jared Kushner, pulled out of the deal.
Warner Bros Discovery’s board has rejected Paramount Skydance’s $108.4 billion hostile takeover bid, accusing Paramount of misleading shareholders about financing guarantees. The board deemed Paramount’s offer inferior to Netflix’s $27.75 per share deal, which has binding commitments. Following the withdrawal of Affinity Partners from the deal, Warner Bros raised concerns over the financial stability of Paramount’s offer, citing insufficient backing from the Ellison family. Paramount’s stock fell by 3.8% after the news.
