EXCLUSIVE: There was some earth-shattering news earlier this week when Neon’s Chief Marketing Officer and Longlegs and Parasite campaign architect Christian Parkes left the arthouse distributor — but now we know where he,

Warner Bros Discovery has told its shareholders to reject Paramount Skydance's $108.4bn (£80.75bn) takeover bid. Paramount had said its offer was "superior" to a $72bn deal that Warner Bros struck with Netflix for its film and streaming businesses.

It appears Netflix will be the ultimate owner of Warner Bros. Discovery, and a new report has revealed what led the David Zaslav-led company to accept the streamer’s offer.

Warner Bros. Discovery is recommending its shareholders reject an unsolicited buyout offer from Paramount Skydance in favor of a rival bid from Netflix it said will better serve their interests and the entertainment company's audiences.

Netflix and Warner Bros. complement each other, and we’re excited to combine our strengths with their theatrical film division, world-class television studio, and the iconic HBO brand, which will continue to focus on prestige television.

Theater owners fear a sale of Warner Bros. to another major media player could further decrease movie production at a time when the industry has faced multiple setbacks.

Warner Bros. has a history of disastrous mergers and acquisitions. Can they avoid another bad sequel as Netflix and Paramount battle to buy it?

The visit came on the same day that WBD's board officially rejected Paramount Skydance's hostile bid for the company.

Paramount fired back that the Ellison family did provide the needed guarantees and pointed to Larry Ellison's long business record. Paramount said it would continue with its hostile takeover of Warner.