Warner Bros. Discovery advises shareholders to reject Paramount’s offer

Warner Bros. Discovery is officially rejecting Paramount’s buyout offer, calling it “illusory” and arguing that the existing plan to sell most of the media company to Netflix is a better deal for shareholders.

Warner, abbreviated as WBD, is the parent company of CNN. On Wednesday morning, the company filed a formal response to Paramount’s hostile takeover bid launched last week.

The hostile bid “provides inadequate value and imposes numerous, significant risks and costs on WBD,” the board said in a letter to shareholders.

The decision ultimately rests with those shareholders.

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