Warner Bros Discovery urges shareholders to reject Paramount’s $108.4bn takeover bid

WBD had agreed to sell to Netflix but Paramount swiftly countered with an all-cash offer, which WBD’s board is calling ‘inadequate’

Warner Bros Discovery has urged shareholders to reject a $108.4bn hostile takeover offer from Paramount Skydance, branding it “inadequate” amid an extraordinary corporate battle to control the legacy media conglomerate.

WBD agreed to sell its storied movie studios, HBO cable network and streaming service to Netflix in a $82.7bn deal earlier this month, setting the stage for a seismic shift in Hollywood’s industrial landscape.