Overview
- Paramount Skydance filed a Delaware Chancery Court lawsuit demanding Warner Bros. Discovery disclose how it valued the Netflix transaction, the Global Networks spin-off and related debt adjustments, and its “risk adjustment” to Paramount’s offer.
- Paramount said it will nominate a slate of directors at WBD’s 2026 annual meeting, propose a bylaw requiring shareholder approval for any separation of Global Networks, and solicit proxies against the Netflix agreement if a special vote is called.
- Under the rival bids, Paramount offers $30 in cash per WBD share to acquire the entire company with funding that includes a $40 billion equity guarantee from Larry Ellison, while Netflix’s $27.75-per-share cash-and-stock deal covers studios and streaming and leaves cable networks to be spun off.
- WBD’s board has repeatedly rejected Paramount’s proposals and continues to endorse the Netflix agreement, and a WBD statement reported Monday characterized Paramount’s suit as meritless.
- Paramount’s tender offer runs through Jan. 21 with the option to extend, as regulatory scrutiny and political pressure grow, including President Trump’s public call to block the Netflix–WBD deal.