Warner Bros Discovery is expected to advise shareholders to reject Paramount’s offer as it leans towards Netflix

Warner Bros. Discovery’s board could announce a decision as early as Wednesday on Paramount Skydance’s $108.4 billion takeover bid, with the board likely to advise shareholders to vote against the offer,

Streaming giant Netflix appeared to win the bidding war for Warner Bros. Discovery last week, when the two firms announced their merger. Within days, however, Paramount announced its hostile bid, meaning Paramount plans to appeal to Warner Bros. Discover shareholders in an effort to overcome the wishes of management.

Affinity Partners had planned to back a bid by Paramount Skydance to acquire all the assets of media giant Warner Bros. Discovery.

Bidding war talk heated up Tuesday now that WBD is on the verge of formally calling on investors to reject Paramount Skydance’s hostile bid for the entire company.

For now, the outcome remains highly uncertain. Any acquisition of Warner Bros. Discovery would likely be reviewed by the Trump administration, which could move to block a proposed merger over anti-monopoly concerns, according to antitrust experts from Vanderbilt University, the University of Tennessee and the Cardozo Law School.