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...

Warner Bros Discovery's (WBD.O) board rejected Paramount Skydance's (PSKY.O) $108.4 billion hostile bid on Wednesday, saying it failed to provide adequate financing assurances.

A change in ownership at Warner would drastically reshape the entertainment and media industry — impacting movie making, consumer streaming platforms and, in Paramount’s case, the news landscape.