Warner Bros. Discovery rejects Paramount's amended takeover offer

Warner Bros. Discovery on Wednesday rejected Paramount Skydance's amended takeover offer, the latest in a series of rejections in David Ellison's pursuit of the streaming and cable giant

Warner Bros. Discovery on Wednesday rejected Paramount Skydance's amended takeover offer, the latest in a series of rejections in David Ellison's pursuit of the streaming and cable giant.

The media company said it remains committed to the $82.7 billion deal it reached in December to sell its streaming service, studio and HBO cable channel to Netflix.

"The Board unanimously determined that the Paramount's latest offer remains inferior to our merger agreement with Netflix across multiple key areas," Warner Bros. Discovery Chairman Samuel Di Piazza said in a statement.

"Paramount's offer continues to provide insufficient value," he continued.

In a letter to shareholders, Di Piazza wrote that Paramount Skydance's offer carries "significant costs, risks and uncertainties as compared to the Netflix merger." The way the Paramount deal is structured creates a "lack of certainty" about its finalization, he added.