New twist in Netflix-Paramount bidding war for Warner Bros

The board of Warner Bros Discovery (WBD) has urged its shareholders to reject an amended hostile bid by Paramount Skydance while maintaining its unanimous support for a rival offer by Netflix.A letter to investors said the updated $108.4bn all-cash offer from Paramount, for the whole business, involved an "extraordinary amount of debt financing" that represented a risk to any deal completing. Paramount's bid was hostile, through a direct approach to WBD's shareholders, as the board had already thrown its we ...