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Warner Bros Discovery has told its shareholders to reject Paramount Skydance's $108.4bn (£80.75bn) takeover bid.
Paramount had said its offer was"superior" to a $72bn deal that Warner Bros struck with Netflix for its film and streaming businesses.
But in a dramatic plot twist in the story of who will take control of one of Hollywood's oldest and most famous movie studios, Warner Bros's board "unanimously" recommended a rejection of the offer and agreed the deal with Netflix was in the firm's best interests.
The media giant put itself up for sale in October after receiving "multiple" expressions of interest from potential buyers, including approaches from Paramount Skydance.
On 5 December, Warner Bros Discovery said it had agreed to sell its film and streaming businesses to Netflix.
In a lengthy legal filing Warner Brothers Discovery's board said the higher offer from Paramount poses numerous and significant risks and strongly rejects the idea the Ellison family - one of America's richest - are financially supporting the bid.
In a reflection of where power now lies in the entertainment industry it says the offer from streaming giant Netflix is well financed and offers better long term value to shareholders.
Paramount could yet come back with another offer meaning the take over saga gripping Hollywood isn't quite over yet.
The following week, Paramount Skydance launched a new offer for the whole company, including its television networks.
Paramount is backed by the billionaire Ellison family, which has close ties to the president.
A takeover of Warner Bros is expected to face scrutiny from competition regulators in the US and Europe.
A new owner of Warner Bros would gain a significant edge in the highly competitive streaming market. It would get a huge library of films and TV shows, including Harry Potter, the MonsterVerse, Friends and the HBO Max streaming service.
Some in the film industry have criticised the plan to merge all or part of Warner Bros with a rival. The Writers Guild of America's East and West branches called for the merger to be blocked, arguing that it would result in lower wages and job cuts.
The volume of content for viewers would also be reduced, it said.
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