Warner Bros is telling shareholders to reject a takeover bid from Paramount Skydance, saying that a rival bid from Netflix will be better for customers. "The Board reviewed Paramount Skydance`s most recent unsolicited tender offer with the same care and discipline it has applied throughout this process, including its review of multiple prior proposals," Warner Bros. said Wednesday.

"The Board`s evaluation followed a thorough and consistent process and is grounded in its fiduciary duties." Paramount went hostile with its bid last week, asking shareholders to reject the deal with Netflix favored by the board of Warner Bros. Paramount is offering $30 per Warner share to Netflix`s $27.75. Paramount`s bid isn`t off the table altogether. While Wednesday`s letter to shareholders means Paramount`s is not the offer favored by the board at Warner Bros., shareholders can still decide to tender their shares in favor of Paramount`s offer for the entire company " including cable stalwarts CNN and Discovery. Unlike Paramount`s bid, the offer from Netflix does not include buying the cable operations of Warner Bros. An acquisition by Netflix, if approved by regulators and shareholders, will close only after Warner completes its previously announced separation of its cable operations. Paramount has claimed it made six different bids that Warner leadership rejected before announcing its deal with Netflix on Dec. 5.