WBD rejects Paramount’s offer again in favor of Netflix deal

the Warner Bros. Discovery The Board of Directors on Wednesday unanimously recommended once again that WBD shareholders reject the hostile takeover bid from Paramount Skydance.

The board said it still believes Paramount’s offer is “inferior” to the previously announced deal Netflix To buy WBD’s studios and streaming business for $72 billion.

In the days following the announcement of that deal, Paramount launched its hostile bid, making directly to shareholders a $30 per share, all-cash offer for Warner Bros. Television. Discovery, including its television networks.

WBD’s board made an initial recommendation to reject the bid, and Paramount then made another push for the coveted assets. In late December, Paramount secured the support of billionaire Larry Ellison, father of Paramount Skydance CEO David Ellison, as an apparent response to questions posed by WBD’s board of directors.

WBD Board Chairman Samuel Di Piazza previously told CNBC’s David Faber that the board had concerns about supporting oracle Co-founder Larry Ellison.

In a revised proposal late last year, Paramount said Larry Ellison had agreed not to cancel the family trust or adversely transfer its assets during a pending deal. However, Paramount Skydance stopped short of increasing its bid amount.

“PSKY has repeatedly failed to deliver the best proposal to WBD shareholders despite clear guidance from WBD on shortcomings and potential solutions,” WBD’s board said in a letter to shareholders on Wednesday.

The board continued: “WBD’s Board of Directors, management team, and our advisors have cooperated extensively with PSKY’s representatives and provided it with clear instructions on how to improve each of its offerings. However, PSKY has continued to make proposals that continue to include many of the deficiencies we have repeatedly identified for PSKY, none of which are present in the Netflix Merger Agreement, all while asserting that its offerings do not represent its ‘best and final’ proposition.”

Paramount first expressed interest in acquiring all of Warner Bros.’ assets. Discovery in September. The company made three takeover offers before Warner Bros. Discovery is a formal sale process, inviting other bidders to join the fold.

Paramount representatives did not immediately respond to a request for comment.