David Ellison’s hostile-takeover attempt just heated up. His company Paramount Skydance is suing Warner Bros. Discovery and setting the stage for a proxy fight. WBD calls the suit ‘meritless.’

Paramount Skydance has filed a lawsuit against Warner Bros. Discovery (WBD) after WBD's board of directors repeatedly rejected the company's 'uninvited' takeover bid. So, what should you know about it?