Warner Bros. Discovery's board has rejected Paramount Skydance's revised takeover bid, deeming it a risky leveraged buyout with insufficient value and greater downside risks compared to its existing agreement with Netflix. The board reaffirmed its commitment to the Netflix deal, citing concerns over Paramount's reliance on substantial debt financing and potential liabilities if the transaction fails. Paramount's offer, while revised, was deemed inadequate by Warner Bros. Discovery's leadership, who are urging shareholders to support the Netflix merger.