“Today the Warner Bros. Discovery Board sent a clear message to you, their stockholders,” the company said in a letter to shareholders. “The WBD Board urges you to reject Paramount Skydance’s unsolicited, inferior and illusory tender offer.”
Paramount went hostile with its bid last week, asking shareholders to reject the deal with Netflix favored by the board of Warner Bros.
Paramount is offering $30 per Warner share to Netflix’s $27.75.
A Warner Bros. merger with either company would alter the landscape in Hollywood and will face intense scrutiny from U.S. regulators as it would impact movie making, consumer streaming platforms and, in Paramount’s case, the news landscape.
