Paramount to nominate directors for election at Warner Bros Discovery, files lawsuit
- It comes days after Paramount reiterated that its $108.4 billion bid for Warner Bros Discovery
Paramount Skydance said on Monday it plans to nominate directors to Warner Bros Discovery’s board and has filed a lawsuit to force the HBO and CNN owner to disclose details of its $82.7 billion deal with Netflix.
The salvo is the latest by the David Ellison-led company to convince Warner Bros shareholders that its hostile $30-per-share cash bid is superior to the $27.75-per-share cash-and-stock offer from Netflix.
It comes days after Paramount reiterated that its $108.4 billion bid for Warner Bros Discovery, saying the value of the cable spinoff central to the Netflix deal was effectively worthless.
Less than zero: Paramount reaffirms Warner Bros offer, dumps on cable spinoff
Warner Bros Discovery’s board last week rejected Paramount’s amended offer that included a $40 billion in equity personally guaranteed by Oracle’s co-founder Larry Ellison, the father of Paramount CEO David Ellison, and $54 billion in debt.
The CBS parent and Netflix have been in a heated battle for Warner Bros, its prized film and television studios, and its extensive content library that includes “Harry Potter” and the DC Comics universe.
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