Warner Bros Discovery Rejects Massive $108 Billion Takeover Bid

Warner Bros Discovery (WBD) is fighting a huge takeover attempt. It has told its shareholders to reject a $108.4 billion offer from Paramount Skydance. The WBD board calls the bid "inadequate." This continues a fierce corporate battle for control of the media giant. Paramount is controlled by the billionaire Ellison family. It tried to address WBD's criticism by promising a financial "safety net." Paramount says it has a full "backstop" guarantee of over $40 billion from the Ellisons to fund the deal. Despite this guarantee, WBD's board remains opposed. It advises shareholders to refuse what it considers a hostile and undervalued takeover.