New York: The board of entertainment and news giant Warner Bros. Discovery (WBD) has rejected an updated takeover bid by rival Paramount, continuing to prefer an offer from the streaming behemoth Netflix, the company said Wednesday.
The board "has unanimously determined that Paramount Skydance's tender offer... is not in the best interests of WBD and its shareholders and does not meet the criteria of a 'Superior Proposal' under the terms of WBD's merger agreement with Netflix," the company said in a statement.
