Warner Bros. is telling shareholders to reject a takeover bid from Paramount Skydance, saying that a rival bid from Netflix will be better for customers.

Warner Bros will reportedly advise its shareholders to vote against the offer as early as Wednesday.

Decision will pave the way for Netflix to proceed with buyout of film and TV group

WBD had agreed to sell to Netflix but Paramount swiftly countered with an all-cash offer, which WBD’s board is calling ‘inadequate’

Warner Bros. is telling shareholders to reject a takeover bid from Paramount Skydance, saying that a rival bid from Netflix will be better for customers.

Paramount launched a hostile bid for WBD, taking a $30-per-share, all-cash offer directly to shareholders.

The board of directors for Warner Bros. Discovery is pressuring its shareholders to reject the hostile takeover by Paramount Skydance.

Board's decision comes day after Affinity Partners, fund backed by Trump son-in-law Jared Kushner, pulled out of deal.