Warner Bros. Discovery's board has unanimously rejected Paramount Skydance's amended takeover offer, concluding that it is not in the best interests of shareholders and does not constitute a "superior proposal" under its Netflix agreement.

Warner Bros. Discovery shareholders have been asked to hold off on taking any action on Paramount Skydance's amended $30-per-share offer pending the board's review of the proposal.

Paramount Skydance Corporation has updated its all-cash offer for Warner Bros. Discovery to include an irrevocable personal guarantee from Larry Ellison.

Paramount is continuing to tout the benefits of its all-cash $30-per-share offer to shareholders of Warner Bros. Discovery, whose board has unanimously rejected the proposal in favor of Netflix's.