Warner Bros Discovery’s board could announce a decision as early as Dec 17 on Paramount Skydance’s US$108.4 billion (S$139.7 billion) takeover bid, with the board likely to advise shareholders to vote against the offer, according to sources familiar with the matter, Reuters reported. 

The decision to recommit to Netflix’s buyout offer would mark the latest twist in the race for assets that include Warner Bros’ storied film and TV studio, and its extensive film and television library.

Its portfolio includes classics from Casablanca and Citizen Kane to contemporary favourites like Harry Potter and Friends, HBO and the HBO Max streaming service, according to Reuters.