The board of entertainment and news giant Warner Bros. Discovery WBD urged shareholders Wednesday to reject an updated takeover bid by rival Paramount, saying it is inferior to Netflixs offer.
Paramount amended its hostile takeover bid in mid-December to include an over-40 billion personal financing guarantee from tech titan Larry Ellison, an ally of US President Donald Trump.
Ellisons son David is the CEO of Paramount Skydance, which controls the historic Hollywood studio as well as a host of TV groups, including CBS.
