Warner Bros Discovery’s board on Wednesday told investors to reject Paramount’s $108bn hostile bid for the Hollywood media group, saying it was inferior to an $83bn deal agreed with Netflix.
The letter from WBD’s board is the latest twist in a takeover saga that stands to reshape Hollywood, regardless of which suitor eventually succeeds.
The battle has become increasingly acrimonious, as Paramount tries to drum up shareholder support ahead of a January 8 deadline for its tender offer.
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