Overview
- Paramount Skydance filed suit in Delaware Chancery Court seeking detailed disclosures on Warner Bros. Discovery’s $82.7 billion agreement with Netflix, including valuations for the Global Networks spin‑off, debt-related price adjustments, and WBD’s risk discount of Paramount’s offer.
- David Ellison said Paramount will nominate a slate of directors at WBD’s 2026 annual meeting and propose a bylaw change requiring shareholder approval for any separation of the Global Networks business central to the Netflix plan.
- Paramount’s hostile tender offers $30 per share in cash for all of WBD, while Netflix’s $27.75‑per‑share cash‑and‑stock deal covers the studios, HBO/HBO Max and games, with cable networks to be spun into a separate public company.
- WBD has repeatedly rejected Paramount’s bids, continues to endorse the Netflix transaction, and called Paramount’s lawsuit meritless in its latest response.
- Paramount’s tender remains open through Jan. 21 and can be extended, and its revised bid includes a reported $40.4 billion equity backstop personally guaranteed by Larry Ellison along with substantial debt financing.