The competing offers set the stage for combining some of the most beloved entertainment properties. Netflix’s vast library includes “Stranger Things” and “Squid Game," while the much smaller Paramount owns its Hollywood studio and major TV networks like CBS and MTV. Both covet Warner, which owns Warner Bros. Pictures, HBO and the Harry Potter franchise.

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Warner Bros recommends investors reject Paramount's offer in favor of Netflix's

Warner Bros recommends investors reject Paramount's offer in favor of Netflix's

Warner Bros. Discovery is telling shareholders to reject an unsolicited takeover bid from Paramount Skydance, saying an offer from Netflix will be better for them and customers. The Warner board said in a letter to shareholders on Wednesday that Paramount's "inferior" offer carried "significant risks and costs," in large part because it relies heavily on borrowed money – whereas the Netflix offer is backed by a company worth more than $400 billion. While the letter to shareholders means Paramount's offer is not the one favored by Warner's board, shareholders have the ultimate say.

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