WBD tells shareholders Netflix deal is superior to Paramount offer: 'It was not a hard choice,' chairman tells CNBC

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The Warner Bros. Discovery

board on Wednesday said it unanimously recommended that WBD shareholders reject a takeover offer from Paramount Skydance

and stick with a “superior” proposal from Netflix

Last week, Paramount launched a hostile bid for WBD, taking a $30-per-share, all-cash offer directly to shareholders. Paramount Skydance CEO David Ellison has argued the deal, which equates to an enterprise value of $108.4 billion, is better than Netflix’s and that a Paramount-WBD combination would have better chances of winning regulatory approval.