Overview
- Paramount Skydance filed suit in Delaware seeking more information on why WBD’s board backed Netflix’s roughly $83 billion offer.
- Netflix’s proposal covers only the studio and streaming assets, while Paramount has a $108.4 billion bid for the entire company, including TV networks such as CNN.
- Warner Bros. Discovery called the suit unfounded and said Paramount has not addressed numerous defects in its offer or raised its price.
- Paramount said it will nominate directors and propose bylaw changes requiring shareholder approval for any Global Networks spinoff at the upcoming meeting.
- Shareholders have a window through Jan. 21 to act on Paramount’s offer, and reversing course would trigger a reported $2.8 billion break fee payable to Netflix.