Warner Bros Discovery’s board has unanimously turned down Paramount Skydance’s latest attempt to acquire the studio, saying its revised US$108.4 billion hostile bid amounted to a risky leveraged buyout that investors should reject. In a letter to shareholders on Wednesday, Warner Bros’ board said Paramount’s offer hinges on “an extraordinary amount of debt financing” that heightens the risk of closing. It reaffirmed its commitment to streaming giant Netflix’s $82.7 billion deal for the film and television studio and other assets. Paramount and Netflix have been vying to win control of Warner Bros, and with it, its prized film and television studios and its extensive content library. Its lucrative entertainment franchises include “Harry Potter,” “Game of Thrones,” “Friends” and the DC Comics universe, as well as coveted classic films such as “Casablanca” and “Citizen Kane.” #news #ctvnew #usa