Warner Bros. Discovery’s (WBD) board of directors rejected a Paramount Skydance bid worth $108.4 billion to buy the entire company, stating the proposal was inferior to rival Netflix’s offer.

In a letter to shareholders, WBD’s board stated it unanimously determined Paramount’s bid was not in its best interest and does not meet the criteria of a “superior proposal” under the terms of its “merger agreement with Netflix” announced in early December.

WBD chair Samuel Di Piazza Jr added it had concluded the offer’s value was inadequate, with significant risks and costs imposed on shareholders.

“This offer once again fails to address key concerns that we have consistently communicated to Paramount throughout our extensive engagement and review of their six previous proposals,” he said.

The board reiterated its support of the Netflix combination.

Netflix agreed a deal worth $72 billion with WBD for its TV, film studios and streaming assets. However Paramount shortly after launched a hostile bid worth $108.4 billion for the entire company, arguing Netflix’s deal offers inferior and uncertain value.

In its letter, WBD continued to state Paramount had misled its shareholders that its $30 per share was fully guaranteed.

It is not known when shareholders will vote on the Paramount bid.

Netflix co-CEO Ted Sarandos welcomed the WBD board’s decision, stating it reinforced its merger agreement is superior.