Warner Bros Discovery is set to urge its shareholders to reject Paramount Skydance's $108.4bn takeover bid, according to reports, while a key backer of the bid, Affinity Partners, has reportedly pulled out. Warner Bros had already agreed on 5 December to sell its film and streaming businesses to Netflix for $72bn, and the Writers Guild of America has called for the merger to be blocked.
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On 5 December, Warner Bros Discovery said it had agreed to sell its film and streaming businesses to Netflix.
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Warner Bros Discovery will urge its shareholders to reject Paramount Skydance's $108.4bn (£80.75bn) takeover bid as soon as Wednesday, according to reports.
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Paramount has said its offer is "superior" to a $72bn deal that Warner Bros struck with Netflix for its film and streaming businesses.
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