Warner Bros. Discovery has officially declined the $108bn (£81bn) hostile takeover offer for Paramount and Skydance, describing it as illusory and risky.
The bid, headed by David Ellison and supported by a trust affiliated with his father, Larry Ellison, was offered at $30 (£22.42) per share but was soon rejected by Warner's board, which deemed it inferior to the current deal it had with Netflix.
