Warner Bros rejects $77.9 billion Paramount takeover bid, backs Netflix deal

New York: Warner Bros. again rejected Paramount’s latest takeover bid and told shareholders Wednesday to stick with a rival offer from Netflix.

Warner’s leadership has repeatedly rebuffed Skydance-owned Paramount’s overtures — and urged shareholders just weeks ago to support selling its streaming and studio business to Netflix for $72 billion. Paramount, meanwhile, has made efforts to sweeten its $77.9 billion hostile bid for the entire company.

Warner Bros. Discovery said Wednesday that its board determined Paramount’s offer isn’t in the best interests of the company or its shareholders and doesn’t meet the criteria of being a superior proposal. It still recommends shareholders support the Netflix deal.