Warner Bros. Discovery advised its shareholders on Wednesday to reject Paramount’s latest takeover offer, arguing that even a personal commitment from one of the world’s richest men is not enough to make up for the deal’s complex financing.
The announcement raises another roadblock in the aggressive, monthslong effort by Paramount’s chief executive, David Ellison, and his billionaire father, Larry, to buy Warner Bros. Discovery to better compete with streaming giants like Netflix, Disney and Amazon.
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