Warner Bros Discovery's board rejected Paramount Skydance's $108.4 billion hostile bid on Wednesday, saying it failed to provide adequate financing assurances. The board said it found Paramount's offer "inferior" to the merger agreement with Netflix.

The House Judiciary Committee is questioning former special counsel Jack Smith behind closed doors on Wednesday. Smith's deposition is regarding his two prosecutions of President Donald Trump over alleged mishandling of classified documents at his Mar-a-Lago resort and actions challenging the results of the 2020 presidential election. Smith has continually denied that his work was politically motivated and has said that he is willing to testify publicly.