Warner Bros. board of directors urges shareholders to reject Paramount's hostile takeover bid.

Warner Bros. Discovery, the parent company of HBO and CNN, is advising shareholders to reject the hostile takeover bid by Paramount Skydance Corp. and instead stick with the original agreement reached with streaming giant Netflix, stating that Paramount's offer is "inferior" and "inadequate." Paramount, the parent company of CBS and Nickelodeon, has made a direct offer to Warner Bros. shareholders to acquire the entire company after Warner Bros. board agreed to sell its streaming and film business to Netflix. Warner Bros. plans to spin off cable TV networks such as CNN and TNT into a separate company before completing the deal with Netflix.