Warner Bros. rejects Paramount's hostile bid, accuses Ellison family of failing to put money into the deal

Christian Parkes, Jason Wald, and Spencer Collantes, former executives at Neon, are launching a new contemporary film label under Warner Bros. This move follows Parkes' departure from Neon, where he played a significant role in marketing successful films like Parasite.

Warner Bros has rejected a $108.4 billion hostile takeover bid from Paramount, stating that the offer is inferior to a deal with Netflix, which is valued at $83 billion. This decision highlights Warner Bros' preference for Netflix's proposal amidst a competitive bidding landscape.

Warner Bros. has urged its shareholders to reject a $108.4 billion hostile takeover bid from Paramount Skydance, asserting that a competing offer from Netflix is more beneficial for customers. This move follows Netflix's recent agreement to acquire Warner Bros. studios and its streaming unit for $72 billion, highlighting a significant shift in the competitive landscape of the entertainment industry.

Jared Kushner's private equity firm has withdrawn its support for Paramount's hostile takeover bid for Warner Bros. Discovery, which had offered $30 per share, valuing the company at approximately $108 billion. This decision comes amidst a competitive bidding landscape following Netflix's recent $72 billion acquisition of Warner's studios and streaming unit.

Warner Bros. is poised to reject a hostile $108 billion takeover bid from Paramount, as one of Paramount's financial backers has withdrawn support for the offer. This development follows a competitive landscape where Paramount had previously initiated the bid, valuing Warner Bros. at approximately $30 per share.