Warner Bros. Discovery is officially rejecting Paramount’s buyout offer, calling it “illusory” and arguing that the existing plan to sell most of the media company to Netflix is a better deal for shareholders.
Warner, abbreviated as WBD, is the parent company of CNN. On Wednesday morning, the company filed a formal response to Paramount’s hostile takeover bid launched last week.
The hostile bid “provides inadequate value and imposes numerous, significant risks and costs on WBD,” the board said in a letter to shareholders.
The decision ultimately rests with those shareholders, some of whom have already said that they’ll reject the company’s advice and tender their shares to Paramount for $30 per share.
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