US EditionParamount Skydance sues for information in Warner Bros. Discovery hostile takeover attempt
Paramount Skydance challenges Warner Bros. Discovery's Netflix sale with a $30-per-share cash tender offer and a proxy fight seeking board control, alleging lack of financial transparency.
- On Monday, David Ellison, chairman and CEO of Paramount Skydance, filed suit in Delaware Chancery Court seeking disclosure of how Warner Bros. Discovery valued competing bids.
- Last week, Warner Bros. Discovery board urged shareholders to back Netflix's $72 billion streaming and studio sale, rejecting Paramount Skydance's offer as not in shareholders' best interests.
- Paramount sweetened its hostile offer to $77.9 billion and offered to buy shares at $30 per share while preparing a proxy fight with a Paramount-friendly slate of directors for the next shareholder meeting.
- The dispute threatens WBD's media empire as Paramount's hostile bid raises questions about the spin-off of cable channels into Discovery Global, including CNN, which WBD values highly but Paramount disputes.
- The proxy fight is a backup if enough WBD shareholders don't tender their shares in the coming weeks, and major WBD shareholders remain split while Netflix expects approvals in twelve to eighteen months.
183 Articles
183 Articles
Paramount escalates hostile takeover bid of Warner Bros. with new board slate
Paramount Skydance is taking another step in its hostile takeover bid of Warner Bros. Discovery, saying Monday that it will name its own slate of directors before the next shareholder meeting of the Hollywood studio. Paramount also filed a suit in Delaware Chancery Court seeking to compel Warner Bros. to disclose to shareholders how it values its bid and the competing offer from Netflix. Warner Bros. is in the middle of a bidding war between Par…
Group tries a new tactic in the Warner Bros/Discovery purchase attempt, which has accepted a Netflix proposal and has resisted the CEO's investments, David Ellison.
The media conglomerate Paramount Skydance filed a lawsuit in the United States against Warner Bros Discovery (WBD) to force the film and television group to disclose information to shareholders it considers necessary to assess its offer of purchase.The lawsuit, announced Monday in a statement, is the last episode of a multi-month saga. By the end of October, WBD said it was open to receiving takeover bids.In early December, its board accepted a …
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