Warner Bros. board tells shareholders to reject Paramount offer in favor of Netflix

(NEW YORK) — The board at Warner Bros. Discovery Inc. said early on Wednesday that its members had unanimously recommended that shareholders reject Paramount Skydance’s bid for the company in favor of Netflix’s earlier bid.

“Following a careful evaluation of Paramount’s recently launched tender offer, the Board concluded that the offer’s value is inadequate, with significant risks and costs imposed on our shareholders,” Samuel A. Di Piazza, Jr., board chair, said in a statement.