Overview
- Paramount Skydance filed in Delaware’s Court of Chancery to compel Warner Bros. Discovery to disclose financial details of its agreement with Netflix.
- The filing says the information is needed for WBD investors to make an informed decision on Paramount’s tender offer.
- WBD’s board unanimously rejected Paramount’s latest $30-per-share cash bid, calling it inferior to the Netflix agreement.
- Paramount said it will mount a proxy contest and nominate directors who would, consistent with their duties, exercise rights under the Netflix agreement to engage with Paramount.
- Ahead of WBD’s 2026 annual meeting, Paramount plans to propose a bylaw change requiring shareholder approval for any separation of Global Networks and to seek proxies to oppose any special meeting before then.