NEW YORK: Warner Bros. Discovery on Wednesday rejected a hostile takeover bid by Paramount launched last week to trump plans by streaming giant Netflix to acquire the Hollywood giant and owner of CNN.&nbsp;In a statement, Warner Bros. said the terms of the Netflix merger were better, while the Paramount offer &quot;once again fails to address key concerns that we have consistently communicated...throughout our extensive engagement and review of their six previous proposals.&quot;&nbsp;&quot;We are confident that our merger with Netflix represents superior, more certain value for our shareholders,&quot; it said.&nbsp;Netflix shocked the industry on December 5 by announcing it had sealed an agreement to buy the film and television studio for nearly $83 billion, the entertainment industry&#39;s biggest consolidation deal this decade.&nbsp;Three days later, Paramount -- whose CEO is David Ellison, the son of Larry Ellison, an ally of Donald Trump -- launched an all-cash tender offer valuing the entertainment giant at $108.4 billion.&nbsp;US President Donald Trump said last week that he wanted to ensure CNN gets new ownership as part of the Warner Bros. Discovery sale, targeting the news outlet he has long feuded with.<figure class="fr-media"><figcaption class="caption-cover-image text-sm text-gray-600 italic"> </figcaption></figure>

Film & TV

Warner Bros. Discovery rejected Paramount’s hostile bid, backing Netflix’s $83 billion merger as offering greater certainty and value. Paramount countered with a $108 billion cash offer, amid political scrutiny over CNN’s future ownership and influence.

Warner Bros. Discovery rejects Paramount bid

NEW YORK: Streaming giant Netflix will acquire film and television studio Warner Bros. Discovery for nearly $83 billion, the two US companies announced in a joint statement Friday. The acquisition, which gives Netflix access to a vast film catalog as well as the prestigious streaming service HBO Max, is the largest consolidation deal in the entertainment industry since Disney&#39;s $71 billion acquisition of Fox in 2019.

Entertainment

Streaming giant Netflix will acquire film and television studio Warner Bros. Discovery for nearly $83 billion, the two US companies announced in a joint statement.

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Warner Bros. Discovery rejects Paramount bid

Netflix to acquire Warner Bros. Discovery for nearly $83 billion: statement