US EditionParamount Skydance sues for information in Warner Bros. Discovery hostile takeover attempt
Paramount Skydance filed suit demanding Warner Bros. Discovery disclose valuation details amid a proxy fight to replace its board and contest Netflix's $82.7 billion acquisition offer.
- 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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Warner Bros. Discovery Calls Paramount Skydance’s Lawsuit “Meritless” as David Ellison Keeps Pushing $30/Share Bid
The Paramount lawsuit aimed at prying deeper financial details out of Warner Bros. Discovery’s Netflix deal is getting swatted away — publicly — by WBD, which is now branding the case “meritless” while also accusing David Ellison’s Paramount Skydance team of trying to distract investors. The dispute is the latest escalation in the hostile takeover […] The post Warner Bros. Discovery Calls Paramount Skydance’s Lawsuit “Meritless” as David Ellison…
The Post Millennial
kvi.comParamount Skydance sues Warner Bros. Discovery over deal with Netflix in escalating takeover battle
Warner Bros. Discovery last month agreed to sell its studio and streaming business to Netflix in a deal valued at about $72 billion.
The company insists that the financial analysis is required by investors before the close of the deadline for the submission of shares under Paramount's tender offer, which expires on January 21.
Paramount to name own board in takeover bid
NEW YORK — Paramount Skydance took another step in its hostile takeover bid of Warner Bros. Discovery, saying Monday it will name its own slate of directors before the next shareholder meeting of the Hollywood studio.
Madrid. Paramount Skydance (PSKY) filed yesterday a lawsuit against Warner Bros Discovery (WBD) to force the company to reveal details about the purchase of $82.7 billion (about 1.48 billion pesos) filed by Netflix.
Since Netflix’s intention to acquire Warner Bros was announced. Discovery, another company, entered: Paramount Skydance
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