Warner Bros. Discovery shares falls as company to reject Paramount offer

Investing.com -- Warner Bros. Discovery (NASDAQ: WBD) stock declined 2.7% Tuesday, with shares extending weakness into the close after The Wall Street Journal reported the company is preparing to reject Paramount’s takeover offer.

According to the report, Warner Bros. Discovery plans to tell shareholders as soon as Wednesday to reject Paramount’s latest offer and instead support its existing deal with Netflix (NASDAQ: NFLX). The decision would put pressure on Paramount and its CEO David Ellison to potentially sweeten their bid.

With Paramount’s tender offer set to expire on January 8, the company still has time to consider improving its bid.

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