Decision will pave the way for Netflix to proceed with buyout of film and TV group

Warner Bros Discovery is poised to tell shareholders to reject Paramount’s $108bn (£81bn) hostile bid, according to reports, clearing the way for Netflix to proceed with its buyout of the Hollywood film and TV group.

The board could announce a decision as early as Wednesday after Paramount Skydance – run by David Ellison and bankrolled by his billionaire father, Larry, who founded Oracle – went directly to shareholders with its rival offer almost two weeks ago.