Warner Bros. Discovery's board of directors on Wednesday rejected Paramount's hostile takeover offer of $108.4 billion, saying it failed to provide sufficient financing guarantees. In a letter to shareholders disclosed in a regulatory document, the board of directors wrote that Paramount “repeatedly misled” Warner Bros. shareholders, claiming that its $30 per share cash purchase offer was fully guaranteed by the Ellison family led by billionaire Oracle CEO Larry Ellison. The board wrote that Paramount's offer “does not and has never had” such guarantees, and stated that the offer had “a number of significant risks.” The Warner Bros. board of directors also said they don't think Paramount's offer is “as good” as the merger agreement with Netflix. The streaming giant's offer to buy Warner Bros.'s film and television studio, library, and HBO Max streaming service for $27.75 per share is a binding agreement, requires no equity financing, and has solid debt commitments.

Warner Bros. Discovery's board of directors on Wednesday rejected Paramount's hostile takeover offer of $108.4 billion, saying it failed to provide sufficient financing guarantees. In a letter to shareholders disclosed in a regulatory document, the board of directors wrote that Paramount “repeatedly misled” Warner Bros. shareholders, claiming that its $30 per share cash purchase offer was fully guaranteed by the Ellison family led by billionaire Oracle CEO Larry Ellison. The board wrote that Paramount's offer “does not and has never had” such guarantees, and stated that the offer had “a number of significant risks.” The Warner Bros. board of directors also said they don't think Paramount's offer is “as good” as the merger agreement with Netflix. The streaming giant's offer to buy Warner Bros.'s film and television studio, library, and HBO Max streaming service for $27.75 per share is a binding agreement, requires no equity financing, and has solid debt commitments.