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Paramount Skydance sues for information in Warner Bros. Discovery hostile takeover attempt
Paramount Skydance filed suit demanding Warner Bros. Discovery disclose Netflix deal valuation to enable shareholders' informed decision amid $77.9 billion offer and proxy battle, CEO said.
- On Monday, David Ellison, chairman and CEO of Paramount Skydance, filed suit in Delaware Chancery Court seeking disclosure of how Warner Bros. Discovery valued competing bids.
- Last week, Warner Bros. Discovery board urged shareholders to back Netflix's $72 billion streaming and studio sale, rejecting Paramount Skydance's offer as not in shareholders' best interests.
- Paramount sweetened its hostile offer to $77.9 billion and offered to buy shares at $30 per share while preparing a proxy fight with a Paramount-friendly slate of directors for the next shareholder meeting.
- The dispute threatens WBD's media empire as Paramount's hostile bid raises questions about the spin-off of cable channels into Discovery Global, including CNN, which WBD values highly but Paramount disputes.
- The proxy fight is a backup if enough WBD shareholders don't tender their shares in the coming weeks, and major WBD shareholders remain split while Netflix expects approvals in twelve to eighteen months.
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He warns that he intends to change the board of directors of WBD to derail the merger with Netflix
Paramount Escalates Battle for Warner Bros with Legal Showdown
Paramount Escalates Battle for Warner Bros with Legal Showdown Paramount Skydance has taken legal action against Warner Bros Discovery in a bid to obtain detailed information regarding its $82.7 billion agreement with Netflix. The lawsuit, filed in the Delaware Court of Chancery, marks a significant escalation in the ongoing struggle to acquire control of Warner Bros, one of Hollywood's most esteemed studios.Currently, a fierce competition plays…
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Total News Sources147
Leaning Left27Leaning Right13Center49Last UpdatedBias Distribution55% Center
Bias Distribution
- 55% of the sources are Center
55% Center
L 30%
C 55%
15%
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