Paramount is standing by its current proposal to acquire Warner Bros. Discovery, warning shareholders that embracing Netflix’s offer would saddle them with a “heavily indebted, sub-scale linear business.

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

Mario Gabelli, GAMCO Investors CEO and a WBD shareholder, told CNBC's Becky Quick on Wednesday that while he was previously leaning toward the Paramount offer, "the most important part is to keep it in play," hoping for more back-and-forth from both bidders. Netflix on Wednesday said it "welcomes" the Warner Bros. Discovery board's recommendation.

Industry concerns over Netflix acquiring Warner Bros. has led executives to address fears regarding jobs and theatrical releases.

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.

Netflix stock jumps after WBD backs its $82.7bn deal, but regulatory risk and dilution still loom for investors.

Netflix's Warner Bros. Discovery acquisition excludes WBD's cable assets like CNN. A look at what that means for the news network's future.

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.