Paramount to nominate directors for election at Warner Bros Discovery, files lawsuit

Paramount Skydance said on Jan 12 that 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 US$82.7 billion (S$106 billion) deal with Netflix.

The salvo is the latest by the company led by Mr David Ellison to convince Warner Bros shareholders that its hostile US$30-per-share cash bid is superior to the US$27.75-per-share cash-and-stock offer from Netflix.

It comes days after Paramount reiterated its US$108.4 billion bid for Warner Bros Discovery, saying the value of the cable spinoff central to the Netflix deal was effectively worthless.

Warner Bros Discovery’s board last week rejected Paramount’s amended offer that included a US$40 billion in equity personally guaranteed by Oracle’s co-founder Larry Ellison, the father of Paramount CEO David Ellison, and US$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. REUTERS