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17 December
Netflix appears to be in the driver’s seat on Warner Bros. bid as board rejects Paramount offer
Collage of Netflix CEO Ted Sarandos and Warner Bros. Discovery CEO David Zaslav.
Netflix CEO Ted Sarandos, shown at left, appears to have solidified his company’s bid for Warner Bros. Discovery, led by CEO David Zaslav. Photo: ANGELA WEISS and Patrick T. Fallon / AFP via Getty Images

Paramount Skydance’s hostile bid for Warner Bros. Discovery appeared to be on shakier ground Wednesday, after the Warner Bros. board urged shareholders to reject Paramount’s offer and stick with the already accepted bid from Netflix.

The move likely means that Paramount Skydance PSKY would have to increase its already high bid for Warner Bros. Discovery WBD in order to stay in the game.