Paramount Skydance announced plans to name its own slate of directors for Warner Bros. Discovery before the studio’s next shareholder meeting, intensifying its hostile takeover attempt.
Paramount filed a lawsuit in Delaware Chancery Court to compel Warner Bros. to disclose to shareholders how it values both Paramount’s and Netflix’s bids for the company.
Driving the news: Warner Bros. Discovery is currently the target of two major bids: a $77.9 billion hostile offer from Paramount and a $72 billion rival bid from Netflix.
- Warner Bros. leadership has consistently rejected Paramount’s overtures and is urging shareholders to support selling its streaming and studio business to Netflix.
- Last week, Warner Bros. Discovery’s board concluded that Paramount’s bid was not in the best interests of the company or its shareholders, reaffirming its preference for the Netflix deal.
Go deeper: David Ellison, Paramount Skydance’s chairman and CEO, assured shareholders that the company is determined to proceed with its tender offer and confirmed that these actions were not undertaken lightly.
- Warner Bros. has not yet scheduled a shareholder meeting to consider the Netflix offer, and Paramount has not named specific board candidates for Warner Bros.
