LOS ANGELES, Dec 17 (Reuters) - Warner Bros Discovery's board spurned Paramount Skydance's $108.4 billion hostile takeover bid on Wednesday, calling the offer "illusory" as it accused the studio giant of misleading shareholders about its financing.
Paramount and Netflix have been in a race to win control of Warner Bros, and with it, its prized film and television studios, HBO Max streaming service and franchises like "Harry Potter." After Warner Bros accepted the streaming giant's offer, Paramount launched a hostile offer to outdo that bid.
