00:00Warner Bros. Discovery's board unanimously urged shareholders to once again reject a hostile takeover bid from Paramount's Skydance,
00:07calling it inferior to WBD's $72 billion merger agreement with Netflix.
00:13The board said the Netflix deal offers clearer value, stronger protections, and a more certain path to closing than Paramount's all-cash, $30-a-share offer for the entire company.
00:24Despite multiple revised proposals and assurances backed by billionaire Larry Ellison, WBD said Paramount failed to fix key deficiencies the board repeatedly flagged.
00:36Netflix welcomed the recommendation, saying it continues to work with U.S. and European regulators as the companies move forward with the merger.
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