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Unlike Netflix, Paramount wants to acquire Warner Bros. in its entirety — including networks like CNN and Discovery.

Warner's board is still recommending shareholders support of its proposed merger with Netflix. A special meeting is now scheduled for Friday, March 20 to hold a vote on that deal.

Paramount also filed a suit in Delaware Chancery Court seeking to compel Warner Bros. to disclose to shareholders how it values its bid and the competing offer from Netflix.

Warner Bros. Discovery said Wednesday that its board determined Paramount's offer is not in the best interests of the company or its shareholders.

As competition shrinks in media and entertainment, US news networks are also feeling the squeeze

Paramount is offering $30 per Warner share, or $77.9 billion, to Netflix’s $27.75 per share. A Warner Bros. merger with either company would alter the landscape in Hollywood.