NEW YORK (AP) — Warner Bros. Discovery again rejected a takeover bid from Paramount and told shareholders Wednesday to stick with a rival offer from Netflix.

Warner’s leadership has repeatedly rebuffed Skydance-owned Paramount’s overtures — and urged shareholders just weeks ago to back its the sale of its streaming and studio business to Netflix for $72 billion. Paramount, meanwhile, has made efforts to sweeten its $77.9 billion hostile offer for the entire company.

Warner said Wednesday that its board determined Paramount’s offer is not in the best interests of the company or its shareholders. It again recommended shareholders support the Netflix deal.

“Paramount’s offer continues to provide insufficient value, including terms such as an extraordinary amount of debt financing that create risks to close and lack of protections for our shareholders if a transaction is not completed,” Warner Bros. Discovery Chair Samuel Di Piazza Jr. said in a statement. In contrast, he added, the company’s agreement with Netflix “will offer superior value at greater levels of certainty.”

Paramount did not immediately respond to a request for comment. The company’s hostile bid is still on the table. Warner........

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