The streaming wars have heated up, with Paramount Skydance pursuing a buyout of Warner Bros. Discovery that Warner Bros. shareholders recommended it reject in favor of a rival bid from Netflix.
The Associated Press reports the Warner board sent a letter to shareholders on Wednesday calling Paramount’s offer “inferior” with more risks and costs. It cited borrowed money as its basis, adding that Netflix is a company worth over $400 billion.
Warner agreed earlier this month to a $72 billion offer in cash and stock from Netflix. Paramount then made an all-cash offer for Warner worth $77.9 billion.
Warner shareholders have until Jan. 8 to vote on Paramount’s offer.
