Warner Bros Discovery has told its shareholders to reject an "inferior" updated bid from Paramount Skydance to buy the company.
It is the second time in less than a month the Warner Bros board has urged its shareholders to say no to the Paramount offer, after announcing on 5 December that Netflix was buying the company's film and streaming businesses for $72bn (£54bn).
The Warner Bros board said the offer was not in the best interests of shareholders and had not met the criteria of a "superior proposal".
Paramount had said its offer was "superior" to the Netflix deal, proposing to buy all of Warner Bros entities including its TV channels including CNN and TNT.
The chair of the Warner Bros board of directors, Samuel Di Piazza Jr, said the board remained unanimous in supporting the Netflix deal instead.
