Warner Bros Discovery has told its shareholders to reject Paramount Skydance’s $108.4bn (£80.75bn) takeover bid.

Paramount had said its offer was “superior” to a $72bn deal that Warner Bros struck with Netflix for its film and streaming businesses.

But Hollywood’s oldest and most famous movie studio’s board “unanimously” recommended rejecting the offer and agreed the deal with Netflix was in the firm’s best interests.

The media giant put itself up for sale after receiving “multiple” expressions of interest from potential buyers, including approaches from Paramount Skydance.

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