In the latest update to the ongoing Warner Bros. Discovery acquisition process, Paramount’s initial attempt at a hostile takeover has failed, according to The Hollywood Reporter. Led by David Ellsion, Paramount made a $108 billion offer to WBD shareholders along with claiming that they’d be a better partner to work with than Netflix, but WBD’s Board of Directors is recommending that its shareholders reject that offer.

That means, for now, that Netflix’s acquisition of the WB side of WBD will continue into the regulatory process. This isn’t the end for Paramount, though, as the company is expected to mount an even bigger offer in the coming weeks or months. As opposed to Netflix, Paramount is seeking to acquire all of WBD.

In a statement, WBD Board of Directors Chairman Samuel A. Di Piazza, Jr. said that the lead executives determined that Paramount’s offer wasn’t strong enough to counter Netflix, with the belief that an acquisition by Paramount would carry too much risk due to involvement from the kingdom of Saudi Arabia and questions about other financial backers.

The deal may still end up in a bidding war between Paramount and Netflix, as Paramount leadership will be able to increase their offer and Netflix executives will have an opportunity to match it. Ellison had already publicly indicated that he is open to increasing the latest offer. Since Paramount’s offer consists of cash, some in the industry feel that it’s a realistic proposition for WBD to eventually change course and go with a higher Paramount deal.

As for how all of this will affect AEW, which is in the midst of a multi-year broadcast deal with WBD, that remains to be seen. In all likelihood, it won’t matter until it comes time to negotiate their next contract.