Warner’s board said that Paramount had “consistently misled” shareholders by claiming that its offer had been fully backstopped by the Ellison family.

Warner Bros. Discovery's scathing rejection of Paramount's bid for the studio and all its assets on Wednesday laid out a brutal path for the Ellisons' persistent pursuit of the legendary Hollywood studio.

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.

Warner Bros. Discovery is urging shareholders to reject a hostile buyout bid from Paramount Skydance and stick with the $72 billion Netflix offer Warner agreed to earlier this month.

The real story of the fight for Warner Bros. Discovery is viewers shifting from studios to tech platforms, impacting how and what you watch.