Warner Bros Discovery has asked its shareholders to reject Paramount Skydance’s $108.4 billion takeover offer. Paramount called its bid "superior" to Netflix’s $72 billion deal for Warner Bros' film and streaming businesses. But Warner Bros’ board "unanimously" recommended rejecting Paramount’s deal, saying the Netflix offer is in the company’s best interest. Warner Bros put itself up for sale in October after receiving many offers, including from Paramount Skydance. On December 5, Warner Bros agreed to sell its film and streaming units to Netflix. In a detailed legal filing, the Warner Bros board said the higher Paramount bid has "numerous and significant risks." The board also denied that the billionaire Ellison family, who back Paramount, is financially supporting the bid. Warner Bros said Netflix’s deal has a clear funding plan and offers better long-term value. Netflix welcomed the support. Co-CEO Ted Sarandos called the Warner Bros merger "superior" and "in the best interest of stockholders." Netflix told Warner Bros shareholders its offer has a clearer funding structure and less regulatory risk. Paramount may still return with a higher offer, so the takeover battle is ongoing. Paramount Skydance recently offered to buy the entire Warner Bros company, including TV networks. Regulators in the US and Europe will likely review any deal closely. A new owner of Warner Bros gains a huge streaming edge, owning popular films and series like Harry Potter, the MonsterVerse, Friends, and the HBO Max service. However, some industry groups oppose the merger. The Writers Guild of America called to block the deal, warning of lower wages, job cuts, and less content for viewers.