The board of Warner Bros. Discovery said Thursday it has determined that the latest offer from Paramount Skydance is a “superior proposal” to its existing merger pact with Netflix.

Two of Hollywood’s oldest studios may be consolidating into one.

In a joint statement, the streamer's co-CEOs Ted Sarandos and Greg Peters said, "The transaction we negotiated would have created shareholder value with a clear path to regulatory approval. However, w...