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.

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.

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.

Warner Bros. Discovery went on the attack against Larry and David Ellison on Wednesday, urging shareholders to reject their hostile takeover offer and saying the Ellisons have “consistently misled” them.

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.

Netflix co-CEOs Ted Sarandos and Greg Peters answered some frequently asked questions from staffers regarding Warner Bros. Discovery, insisting the $82.7 billion deal is "not the end" of the entertainment industry.

Interviews with dozens of actors, producers and camera crews reveal an industry attempting to weigh the lesser of two horrible choices.