Paramount Skydance down after Warner Bros Discovery rejects co's bid

Shares of Paramount Skydance PSKY.O down 2.2% premarket

Warner Bros Discovery WBD.O rejects company's $108.4 billion hostile bid, saying it failed to provide adequate financing assurances

Board unanimously determines that the bid is not in the best interest of WBD and its shareholders, and does not meet the criteria of a "superior proposal" under the terms of WBD's merger agreement with Netflix NFLX.O

Netflix shares up 1.5% before the bell

Up to last close, PSKY shares down ~32% YTD