"Paramount Skydance is taking another step in its hostile takeover bid of Warner Bros. Discovery, saying Monday that it will name its own slate of directors before the next shareholder meeting of the Hollywood studio. Paramount also filed a suit in Delaware Chancery Court seeking to compel Warner Bros. to disclose to shareholders how it values its bid and the competing offer from Netflix. Warner Bros. is in the middle of a bidding war between Paramount and Netflix."
"Warner's leadership has repeatedly rebuffed overtures from Skydance-owned Paramount - and urged shareholders to back the sale of its streaming and studio business to Netflix for $72 billion. Paramount, meanwhile, has made efforts to sweeten its $77.9 billion hostile offer for the entire company. Last week, Warner Bros. Discovery said its board determined Paramount's offer is not in the best interests of the company or its shareholders. It again recommended shareholders support the Netflix deal."
Paramount Skydance escalated its hostile takeover effort of Warner Bros. Discovery by announcing plans to name its own slate of directors before the next shareholder meeting and by filing a suit in Delaware Chancery Court to force disclosure of how Warner values both its bid and Netflix's competing offer. Warner sits in a bidding war between Paramount and Netflix, with Warner's leadership urging shareholders to accept a $72 billion sale to Netflix while rejecting Paramount's advances. Paramount has increased its proposal to $77.9 billion for the entire company. Paramount's CEO David Ellison affirmed commitment to the tender offer. Warner has not scheduled a shareholder meeting, and Paramount did not name any board candidates.
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