Warner Bros. Discovery’s board is expected to reject Paramount Skydance’s massive $108.4 billion takeover bid, with a decision possibly coming as early as Wednesday. Sources say the board will likely recommend shareholders vote against the offer. The move would keep Warner Bros. Discovery aligned with Netflix, which earlier won out with a $27 billion cash-and-stock deal for Warner Bros.’ non-cable assets. That package includes one of the deepest content libraries in entertainment — from Casablanca and Citizen Kane to Harry Potter, Friends, HBO, and HBO Max — a major prize in the ongoing streaming wars. After Netflix’s deal emerged, Paramount CEO David Ellison went directly to Warner Bros. shareholders with a $30-per-share, all-cash bid for the entire company, arguing his offer is superior and would face fewer regulatory hurdles. Paramount says the deal is backed by $41 billion in new equity from the Ellison family and RedBird Capital, plus $54 billion in debt commitments from major banks.