Warner Bros. Discovery (WBD) announced that over 93% of its shareholders have rejected what it termed an "inferior scheme" from Paramount Skydance, favoring instead the proposed $83 billion sale of WBD to Netflix. The announcement came in response to Paramount's extension of its hostile takeover offer of $30 per share in cash to Warner Bros. Discovery shareholders, a move revealed Thursday.

Paramount Skydance had 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. The clash highlights a significant power struggle within the global media landscape, as companies vie for dominance in an increasingly competitive streaming environment.

The proposed acquisition of Warner Bros. Discovery by Netflix would create a media behemoth with an unparalleled library of content and a vast global subscriber base. Such a merger would likely have significant ramifications for the entertainment industry worldwide, potentially reshaping production, distribution, and consumption patterns across various international markets.

The deal is unfolding against a backdrop of increasing consolidation within the media industry, driven by the rise of streaming services and the need to compete with tech giants like Amazon and Apple. This trend has been observed globally, with media companies seeking scale and synergy to navigate the evolving digital landscape. The European Union and other regulatory bodies around the world will likely scrutinize the proposed merger for potential antitrust concerns, assessing its impact on competition and consumer choice in their respective regions.

David Ellison's Paramount Skydance has not yet commented publicly on WBD's statement. The extended deadline for Paramount's hostile takeover offer, now set for February 20, suggests that the battle for Warner Bros. Discovery is far from over. The outcome of the shareholder vote in April will be a pivotal moment, determining the future direction of one of the world's largest media companies and potentially setting a precedent for future mergers and acquisitions in the industry.