Warner Bros Discovery has told shareholders to reject a hostile takeover bid from rival Paramount Skydance.

It has pushed back against the approach and stressed it favours a deal from streaming giant Netflix to take control of its movie studios, cable networks and streaming service.

Bosses at Warner Bros, which makes franchises such as Harry Potter and Batman, said the proposed deal from Paramount was “inadequate” and poses a “significant risk” to shareholders.

Samuel Di Piazza Jr, chairman of the Warner Bros board of directors, said: “This offer once again fails to address key concerns that we have consistently communicated to Paramount throughout our extensive engagement and review of their six previous proposals.

“We are confident that our merger with Netflix represents superior, more certain value for our shareholders and we look forward to delivering on the compelling benefits of our combination.”

Paramount lodged a 30 US dollars (£22.50) a share bid for Warner Bros, days after the company agreed to be bought by Netflix in early December in a 72 billion dollar (£54 billion) deal.

Paramount’s offer values Warner Bros at 108.4 billion dollars (£81.3 billion) including debts, trumping Netflix’s 27.75 dollars (£20.81) per share offer, which values Warner Bros at 72 billion dollars or 82.7 billion dollars (£62 billion) including debts.

Netflix agreed to buy the Warner Bros Discovery film and TV studios business whereas Paramount has bid for the whole of Warner Bros.

Earlier on Wednesday, Affinity Partners, the private equity firm owned by US President Donald Trump’s son-in-law Jared Kushner, pulled its backing from Paramount’s bid.

Mr Trump previously warned the Netflix takeover of Warner Bros “could be a problem” because of its combined market share, confirming he would be involved in the decision about whether the US federal government should approve the deal.

Paramount said in its appeal to win over Warner Bros shareholders that its offer would be more likely to pass regulatory scrutiny.

Mr Kushner’s decision to pull his firm’s financial backing is seen as taking away a possible advantage for Paramount to secure Mr Trump’s approval.

Paramount’s bid still has the financial backing of wealth funds run by three governments in the Persian Gulf, widely reported as Saudi Arabia, Abu Dhabi and Qatar.

Paramount earlier revealed it had made six takeover approaches to Warner Bros over 12 weeks, but claimed Warner Bros “never engaged meaningfully”.

Donald Trump’s sanctions on Russian oil majors don’t seem to have deterred Indian refiners from procuring crude – though non-sanctioned – from Russia. India’s crude oil imports from Russia are showing resilience in December, days after Trump’s sanctions on Russian firms Lukoil and Rosneft kicked in. The bilateral relationship has remained robust despite Western sanctions pressure.India’s imports of Russian oil are expected to cross 1 million barrels per day this December, according to trade and refining sources quoted in a Reuters report. This is against expectations of a significant reduction, as refiners continue purchasing from non-sanctioned entities that provide deep discounts.

India-Russia Crude Oil Trade Intact

* Data from trade sources quoted in the report indicates that India, the world’s third-largest crude importer, received 1.77 million bpd of Russian oil in November, showing a 3.4% increase from October. * Despite expectations of a significant decrease due to Trump’s sanctions on two major Russian producers, December deliveries are anticipated to surpass 1.2 million bpd, based on initial LSEG trade flow data.

Russia continues to be top oil supplier to India

* This figure could reach an average of 1.5 million bpd by month-end, according to a trade source quoted in the report. It is important to note that the surge in India’s December imports from Russia is attributed to buyers rushing to complete transactions before Washington’s November 21 deadline for deals with Rosneft and Lukoil. LSEG data confirms recent arrivals of such shipments at Indian ports.* However, in January, trade sources indicate that import levels might maintain December volumes as new entities not affected by sanctions begin supplying Russian oil cargoes.* Indian refiners find January prices attractive, with discounts of approximately $6 per barrel to dated Brent, which is two to three times larger than in August, according to sources.According to refining sources, January volumes are expected to be below 1 million bpd since Reliance Industries has stopped purchases. LSEG data shows Reliance is receiving at least 10 Russian oil cargoes this month.

Share of various regions in India’s oil imports

Regarding state refiners, Indian Oil Corp maintains Russian oil purchases at pre-sanctions levels, sources told Reuters. Bharat Petroleum has increased its January acquisitions to at least six cargoes, up from two in December, whilst Hindustan Petroleum is negotiating January loadings, sources were quoted as saying.Private refiner Nayara Energy, with majority Russian ownership including Rosneft, exclusively purchases Russian oil after other suppliers withdrew following EU and British sanctions.Reliance and HPCL Mittal Energy have announced that they will not procure Russian oil. Additionally, Mangalore Refinery and Petrochemicals are not procuring Russian oil for January, the report said.India emerged as Russia’s primary seaborne crude purchaser following Western sanctions imposed on Moscow over the Ukraine invasion. However, these purchases became problematic during trade negotiations with the US, as President Donald Trump raised import tariffs on Indian products to 50%.“Thanks to President Trump’s leadership, Russia has been forced to accept deep discounts and fewer buyers for its oil,” a US official said. “These pressures are limiting the Kremlin’s revenues and increasing the financial strain of sustaining its war.”Russian producers are utilising domestic market swaps to maintain oil flows to India whilst adhering to sanctions. This involves exchanging oil intended for local refineries with export volumes handled by non-sanctioned companies, Reuters said.These swaps are a standard practice in Russia for managing domestic supply constraints whilst maintaining export obligations.“There is a possibility that non-sanctioned entities can increase their crude output and shift supplies to export markets and sanctioned barrels can meet Russia’s local demand,” said Prashant Vashisth, vice president at Moody’s affiliate ICRA.

The International Monetary Fund (IMF) forecasts that Pakistan’s exports will grow by $13.79 billion over the next four years, a projection that falls short of the government’s ambitious goals.

The Shehbaz Sharif government has set a target to raise the country’s total exports to $60 billion by 2030.

However, the IMF projects that Pakistan is likely to achieve exports of only around $46 billion by 2030, significantly below the government’s target.

According to the IMF, Pakistan’s total exports are expected to rise to $36.46 billion next year.

Exports are projected at $40 billion in fiscal year 2028 and approximately $43 billion in fiscal year 2029, before increasing to $46 billion by fiscal year 2029-30.

On the imports side, the IMF has estimated an increase of $18.7 billion in Pakistan’s total imports by 2030.

The Fund projects that imports will exceed $64 billion in the current fiscal year, rise to $66.86 billion in 2027, and reach $72.9 billion in 2028.

Imports are expected to stand at $77 billion in 2029 and increase further to $82.81 billion by 2030.

The government had initially set a $60 billion export target, which it would achieve in three years.

However, it later revised the timeline, extending the time from three years to five years.