Overview
- Paramount Skydance filed a Delaware Chancery Court suit asking Warner Bros. Discovery to disclose how it valued the Netflix transaction, the planned Global Networks spin-off, related debt adjustments, and its risk assessment of Paramount’s offer.
- David Ellison said Paramount will nominate a slate of directors at WBD’s next annual meeting and will seek a bylaw change requiring shareholder approval for any separation of Global Networks.
- If WBD calls a special meeting to vote on the Netflix agreement, Paramount plans to solicit proxies against approval to press its rival bid.
- WBD’s board has rejected Paramount’s $30-per-share all-cash tender and continues to endorse Netflix’s cash-and-stock deal valued at about $82.7 billion, with WBD noting it would owe Netflix roughly $2.8 billion if it walked away.
- Paramount’s tender offer, backed by a $40.4 billion equity guarantee from Larry Ellison and valuing WBD at roughly $108 billion, is open through Jan. 21 and can be extended, as political attention intensifies with President Donald Trump sharing a commentary critical of the Netflix deal.