Warner Bros. Discovery Rejects Paramount $30/Share Acquisition Offer, Calling It ‘Inferior’ to Netflix Deal and Alleging Ellisons Aren’t Providing ‘Full Backstop’ for Financing

Warner Bros. Discovery’s board has formally said “no thanks” to the $108 billion takeover bid from David Ellison’s Paramount Skydance and unanimously reiterated its support for the Netflix deal.

Paramount and Ellison’s financial backers, which include his father, tech billionaire Larry Ellison, will now evaluate the rejection notice from Wbd’s board of directors — and then decide whether to make a higher offer.

Warner Bros. Discovery said it remains committed to its megadeal with Netflix, under which the streamer would buy the Warner Bros. studios, HBO and HBO Max for $27.75/share. That would take place after Wbd’s…