Warner Brothers Discovery has firmly rejected Paramount Skydance's $77.9 billion takeover bid, expressing concerns over the financial assurances provided by Oracle founder Larry Ellison. The company criticized the use of Ellison's family trust as a backstop for the deal, calling for a stronger personal guarantee and highlighting gaps and limitations in the current proposal. Warner Brothers Discovery's board unanimously described the Paramount offer as 'misleading' and 'inadequate,' emphasizing that their merger agreement with Netflix offers greater value, transparency, and certainty for shareholders. The board also pointed out that the Netflix deal is fully backed by enforceable commitments, while Paramount's proposal carries significant financial and operational risks. The battle for Warner Brothers Discovery is expected to intensify, with both Paramount and Netflix vying to reshape the media landscape.