economy
Warner Bros. Discovery rejects Paramount's hostile bid, calls offer 'illusory'
Warner Bros. Discovery called Paramount's offer "illusory" and said that the company had misled shareholders about its financing.
TL;DR
- Warner Bros. Discovery's board rejected Paramount Skydance's $108 billion hostile takeover bid.
- The WBD board called the offer "illusory" and stated Paramount misled shareholders about financing.
- WBD prefers its initial agreement to sell to Netflix, calling it superior.
- Netflix co-CEO Ted Sarandos confirmed their merger agreement is seen as superior.
- Paramount and Ellison's backers will review the rejection and may consider raising their offer.