Warner Bros rejects updated Paramount takeover bid, backs Netflix deal

Paramount amended its hostile takeover bid in mid-December to include an over-$40 billion personal financing guarantee from tech titan Larry Ellison, an ally of US President Donald Trump. Ellison's son David is the CEO of Paramount Skydance, which controls the historic Hollywood studio as well as a host of TV groups, including CBS. The board "has unanimously determined that Paramount Skydance's tender offer... is not in the best interests of WBD and its shareholders and does not meet the criteria...