Core Viewpoint - Warner Bros. Discovery's board rejected Paramount's hostile takeover bid of $108.4 billion, citing insufficient financing assurances and misleading claims made to shareholders [1] Group 1: Rejection of Takeover Bid - The board stated that Paramount's offer of $30 per share was fully backed by Larry Ellison's family, but this guarantee was non-existent [1] - The board emphasized that the offer posed "numerous significant risks" [1] Group 2: Comparison with Netflix Deal - Warner Bros. board considered Paramount's bid inferior compared to its binding agreement with Netflix, which offered $27.75 per share for Warner Bros.' film and TV studios, content library, and HBO Max streaming service [1] - The Netflix deal does not require equity financing and has strong debt commitments [1] Group 3: Regulatory Communication - Netflix is in communication with competition regulators, including the U.S. Department of Justice and the European Union, planning to complete the transaction with Warner Bros. within 12-18 months [1]