Warner Bros Discovery board unanimously rejects Paramount’s tender offer, says Netflix deal superior

Warner Bros. Discovery announced Wednesday that its board unanimously rejected Paramount’s tender offer, saying it’s not in the best interest of shareholders and Netflix is the preferred partner. 

Netflix agreed last year to acquire Warner Bros. Discovery's film and television studios and streaming platform, HBO Max, in a cash-and-stock deal valued at $27.75 per Warner Bros. Discovery share. Paramount, a Skydance Corporation, then launched a hostile takeover bid for all of Warner Bros. Discovery...