The board of Warner Bros. Discovery officially rejected David Ellison‘s $30 per share hostile bid for the company, telling shareholders that it remains “inferior” to the Netflix deal, and carries “numerous significant risks and costs on WBD.”
With the rejection official, Paramount will need to persuade WBD shareholders to tender their shares at that price, or to submit a higher bid than its $108 billion offer that would shift the outcome of the dealmaking.
