The company's board said in a statement Wednesday that it determined that the Paramount offer "is not in the best interests of WBD and its shareholders."

The board of Warner Bros. Discovery on Wednesday said it was recommending that shareholders reject the hostile takeover bid from Paramount Skydance and its controlling shareholders, the Ellison family.

The company’s board said in a statement that it determined the Paramount Skydance offer “is not in the best interests of WBD and its shareholders.”

The Warner Bros. board’s recommendation to shareholders effectively means Paramount’s offer is dead. Paramount could, however, return with a higher offer.