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.

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

Following reports of exclusive negotiations between Netflix and Warner Bros Discovery (WBD), a deal has swiftly been confirmed that will see the streaming giant

How does Tony Khan feel about the home of WWE RAW being the winning bidder to eventually purchase Warner Bros. Discovery? All Elite Wrestling President Tony Khan recently took part in the ROH Final Battle Media Scrum.

Netflix's stock was up and down after it announced a deal to acquire Warner Bros. Discovery's studios and HBO Max -- while investors pushed WBD stock to its highest levels in more than three years.