The Globe and Mail reports in its Thursday edition that Warner Bros. Discovery's board has unanimously turned down Paramount Skydance's latest attempt to acquire the studio, saying its revised $108.4-billion hostile bid amounted to a risky leveraged buyout that investors should reject (all figures U.S.). A Reuters dispatch to The Globe says that in a letter to shareholders on Wednesday, Warner Bros.' board said Paramount's offer hinges on "an extraordinary amount of debt financing" that heightens the risk of closing. It reaffirmed its commitment to streaming giant Netflix's $82.7-billion deal for the film and television studio and other assets. Paramount and Netflix have been vying to win control of Warner Bros., and with it, its prized film and television studios and its extensive content library. Its entertainment franchises include Harry Potter, Game of Thrones, Friends and the DC Comics universe, as well as classic films such as Casablanca and Citizen Kane. Paramount's financing plan would saddle the smaller Hollywood studio with $87-billion in debt once the acquisition closed, making it the largest leveraged buyout in history. The decision keeps Warner Bros. on track to pursue the deal with Netflix.