Warner Bros Discovery tells investors to reject ‘inadequate’ $108bn Paramount bid

Board unwilling to accept hostile takeover despite $40bn guarantee from billionaire Larry Ellison

Warner Bros Discovery (WBD) has again told its shareholders to reject an inadequate" $108.4bn (80bn) hostile takeover bid by Paramount Skydance amid an extraordinary corporate battle to control the media conglomerate.

Paramount, controlled by the billionaire Ellison family, had sought to combat WBD's criticism of its offer and claims it had consistently misled" investors by saying it had a full backstop" - a safety net to ensure it has sufficient funds - from the Ellisons.