Warner Bros. Discovery (WBD) reported that over 93% of its shareholders have rejected Paramount Skydance's takeover offer in favor of the proposed $83 billion sale of WBD to Netflix, according to a statement released by the company. The announcement came in response to Paramount's extension of its hostile takeover bid of $30 per share in cash to WBD shareholders, a move that underscores the intensifying battle for control in the global media landscape.

Paramount had previously filed to solicit WBD stockholders to vote against the Netflix deal at a special meeting of Warner Bros. Discovery shareholders, which is expected to take place in April. WBD, in its statement, asserted that shareholders were overwhelmingly in favor of the Netflix acquisition.

The proposed acquisition reflects the ongoing consolidation within the media and entertainment industries, driven by the need to compete with streaming giants and adapt to evolving consumer preferences worldwide. The deal, if finalized, would create a media powerhouse with a vast library of content and a global reach, potentially reshaping the competitive dynamics of the industry.

The situation highlights the strategic importance of content ownership and distribution in the digital age. Netflix, a dominant player in the streaming market, is seeking to bolster its content offerings and expand its global subscriber base through the acquisition of Warner Bros. Discovery. Paramount, on the other hand, is attempting to disrupt the deal and potentially merge with WBD to create a combined entity.

The outcome of this corporate struggle will have significant implications for the future of media production, distribution, and consumption on a global scale. The deal is subject to regulatory approvals in various jurisdictions, and the special meeting of Warner Bros. Discovery shareholders in April will be a crucial event in determining the fate of the proposed acquisition. The situation is being closely watched by industry analysts and investors worldwide, as it could set a precedent for future mergers and acquisitions in the media sector.