Warner Bros. Urges Investors to Reject Paramount Bid (1)

Warner Bros. Discovery Inc., the parent of HBO and CNN, is advising its shareholders to reject a hostile takeover bid by Paramount Skydance Corp. in favor of its original agreement with streaming giant Netflix Inc., deeming the Paramount offer “inferior” and “inadequate.”

Paramount, the parent of CBS and Nickelodeon, has been appealing directly to Warner Bros. shareholders with an offer to buy the whole company after the Warner Bros. board agreed to sell its streaming and studios businesses to Netflix. Warner Bros. plans to spin its cable networks, like CNN and TNT, into a separate company before completing ...