Reject Ellison bid: Warner to investors

The growing acrimony over the biggest deal in Hollywood is spilling into the open.

- Bloomberg

The management said the Paramount Skydance bid undervalues Warner Bros' assets and long-term prospects.

(REUTERS)

On Wednesday, Warner Bros. Discovery Inc., the parent of HBO and CNN, advised shareholders to reject a hostile takeover bid by Paramount Skydance Corp. in favour of its original agreement with streaming giant Netflix Inc.

Counterattacking publicly for the first time, Warner Bros. deemed the Paramount offer "inferior" and "inadequate." The Warner Bros. board criticized Paramount's backers, software billionaire Larry Ellison and his son David, saying they "consistently misled" them, and suggested their flawed vision for the combined assets would altogether weaken Hollywood.