WBD presented a chronology of events and meetings that occurred, leading to its deal to sell Warner Bros. studios and HBO Max to Netflix, following by David Ellison’s hostile takeover bid and the WBD board’s official rejection of the $30/share bid on Dec.

Reasons Warner Bros. Discovery listed for rebuffing David Ellison include an incendiary and unfortunately timed letter from Paramount's lawyers.

Warner Bros Discovery’s board on Wednesday told investors to reject Paramount’s $108bn hostile bid for the Hollywood media group, saying it was inferior to an $83bn deal agreed with Netflix. The letter from WBD’s board is the latest twist in a takeover saga that stands to reshape Hollywood, regardless of which suitor eventually succeeds.

"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 Di Piazza, chair of the Warner Bros. Discovery board, said in a news release.

The visit came on the same day that WBD's board officially rejected Paramount Skydance's hostile bid for the company.

The hostile offer may outmuscle Netflix on price, but WBD’s decision hinges on competing futures: a clean reset under Paramount or a deeper strategic alignment with the world’s dominant streamer.

Standard General’s Soo Kim is in talks to buy or invest in Warner Bros Discovery’s cable networks, including CNN, amid takeover drama.

Warner Bros. Discovery's (WBD) board is urging shareholders to reject a hostile takeover bid by Paramount Skydance (PSKY), stating that it has unanimously determined the offer to be inferior to one it has already agreed to with Netflix (NFLX).