00:00Warner Brothers Discovery's board unanimously urged shareholders to reject a hostile $30 per share takeover bid from Paramount's Skydance, calling it inferior to Netflix's competing proposal.
00:11Paramount CEO David Ellison argues his all-cash offer values WBD at more than $108 billion and would face fewer regulatory hurdles.
00:21But the Warner Brothers Discovery board said the bid carries significant financial risk and uncertainty.
00:26Executives emphasize that the Netflix deal offers greater certainty and long-term value, while also criticizing Paramount's financing structure and the lack of a full backstop from the Ellison family.
00:39The rejection leaves the door open for a higher bid from Paramount, though WBD signaled it wants more direct funding from the Ellisons if talks continue.
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