The Warner Bros. Discovery board on Wednesday unanimously recommended that shareholders reject Paramount Skydance’s takeover offer and instead support what it called a “superior” proposal from Netflix.

Last week, Paramount made a hostile bid for WBD, offering $30 per share in an all-cash deal directly to shareholders. Paramount Skydance CEO David Ellison contends that the $108.4 billion offer is more attractive than Netflix’s and believes a Paramount-WBD merger would have a stronger chance of securing regulatory approval.

“Following a careful evaluation of Paramount’s recently launched tender offer, the Board concluded that the offer’s value is inadequate, with significant risks and costs imposed on our shareholders,” Samuel Di Piazza, chair of the Warner Bros. Discovery board, said in a news release. “This offer once again fails to address key concerns that we have consistently communicated to Paramount throughout our extensive engagement and review of their six previous proposals. We are confident that our merger with Netflix represents superior, more certain value for our shareholders and we look forward to delivering on the compelling benefits of our combination.”

Netflix reportedly weighed a bid for Warner Bros. Discovery’s studio and streaming operations, having engaged investment bank Moelis & Co. as its advisor and secured access to the company’s financial data.

The report stated that Moelis & Co., the same firm that advised Skydance Media in its successful Paramount Global deal, has been tasked with evaluating the potential offer, according to CNBC, citing sources familiar with the matter