Warner Bros. Discovery revealed that over 93% of its shareholders have rejected Paramount Skydance's tender offer. The company stated this in a formal announcement, signaling overwhelming resistance to the takeover bid from the rival studio.

Paramount's bid, which it recently extended, directly challenges a potential sale to Netflix. Warner Bros. shareholders are set to vote on the Netflix proposal at a special meeting. This shareholder vote represents a critical juncture in a high-stakes battle for the future of a major media asset.

The market is watching closely to see if Paramount will sweeten its offer or walk away. Warner Bros. Discovery's stock price will likely react to both the shareholder sentiment and the upcoming vote. The outcome will shape consolidation trends across the streaming industry.