Warner Bros. Discovery is recommending its shareholders reject an unsolicited buyout offer from Paramount Skydance in favor of a rival bid from Netflix it said will better serve their interests and the entertainment company's audiences.

Theater owners fear a sale of Warner Bros. to another major media player could further decrease movie production at a time when the industry has faced multiple setbacks.

The board of Warner Bros. Discovery officially rejected David Ellison ‘s $30 per share hostile bid for the company, telling shareholders that it remains “inferior” to the Netflix deal, and carries “numerous significant risks and costs on WBD.”

Netflix is a company that understands the value of themed entertainment. While the world doesn’t have a Netflix theme park (yet), by the time you read this, the company will have opened its second Netflix House complex in as many months, with a third location already planned for Las Vegas.