TNT Sports parent company Warner Bros. Discovery has delivered a blunt response to the acquisition offer from Paramount: no thanks.

WBD said early Wednesday that its board has unanimously voted to reject the hostile bid that Paramount tendered last week, and is urging its shareholders not to participate in the tender offer.

The CBS Sports parent company had offered to buy all of WBD—including the sports and linear television assets—in a deal with an enterprise value of $108.4 billion. 

In a letter to shareholders, WBD said that Paramount bid was “inferior” to a deal that it has already struck with Netflix for WBD’s studios and streaming business, one that it continues to recommend and is worth $82.7 billion. 

“The Paramount offer provides inadequate value and imposes numerous, significant risks and costs on WBD,” the company said in the shareholder letter.

WBD, however, went much further in detailing the perceived defects in the offer from Paramount and its chair and CEO, David Ellison. WBD called the Paramount offer “illusory,” and also attacked the financial backing that Ellison said he has amassed from a group that includes his billionaire father Larry, several Gulf sovereign wealth funds, and RedBird Capital Partners.

“Paramount has consistently misled WBD shareholders that its proposed transaction has a ‘full backstop’ from the Ellison family. It does not, and never did,” WBD’s letter continues.

Affinity Partners, the investment company run by Jared Kushner, the son-in-law of U.S. President Donal...