Warner Bros. Discovery on Wednesday rejected a hostile takeover bid by Paramount launched last week to trump plans by streaming giant Netflix to acquire the Hollywood giant and owner of CNN.
In a statement, Warner Bros. said the terms of the Netflix merger were better, while the Paramount offer once again fails to address key concerns that we have consistently communicatedthroughout our extensive engagement and review of their six previous proposals.
We are confident that our merger with Netflix represents superior, more certain value for our shareholders, it said.
