The board at Warner Bros. Discovery Inc. said early on Wednesday that its members had unanimously recommended that shareholders reject Paramount Skydance’s bid for the company in favor of Netflix’s earlier bid.

“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 A. Di Piazza, Jr., board chair, said in a statement.

Shares of Warner Bros. slipped about 1.5% in early trading, just about mirroring a Netflix stock’s 1.6% climb prior to the market’s open.

The Warner Bros. board said in a press release that the Netflix bid amounted to a “superior” offer, saying it represented “more certain value for our shareholders.” Paramount’s offer, meanwhile, “provides inadequate value and imposes numerous, significant risks and costs on WBD,” the board said.

This is a developing story. Please check back for updates.