The board of directors of Warner Bros. Discovery announced on Wednesday that it has unanimously recommended that the company's shareholders reject the acquisition offer from Paramount Skydance and stick with the proposal it described as 'the best' and presented by Netflix. Paramount had launched an acquisition offer for Warner Bros. Discovery last week, offering a full cash deal valued at $30 per share, directed directly at shareholders. David Ellison, CEO of Paramount Skydance, defended the deal, valued at a market cap of $108.4 billion, stating that it is better than Netflix's offer, and that the Paramount merger would have better chances of obtaining regulatory approvals.
