By Paramount Skydance’s attempt to take over Warner Bros. Discovery is now heading into serious legal territory.
Variety reports that today, Paramount Skydance has sued Warner Bros. Discovery, seeking to force WBD to disclose financial details of their $83 billion deal with Netflix.
The move follows in the wake of the Warner Bros. Discovery board rejecting Paramount’s latest $30/share all-cash bid for WBD in its entirety, the company’s eighth offer overall.
Paramount will also reportedly nominate a slate of directors “who, in accordance with their fiduciary duties, will exercise WBD’s right under the Netflix Agreement to engage on Paramount’s offer and enter into a transaction with Paramount.”
They will also propose an amendment to WBD’s bylaws to require WBD shareholder approval for ‘any separation of Global Networks’.
Warner Bros. Discovery has called Paramount’s lawsuit ‘meritless’ and indicated that Paramount has yet to raise its acquisition offer above $30 per share.
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