"Paramount is turning up the pressure on Warner Bros. Discovery in the wake of its merger with Netflix, as it's now suing the David Zaslav-helmed company in an attempt to get more details surrounding the agreement. In addition to the lawsuit, Paramount CEO David Ellison revealed that the company plans to nominate directors to WBD's board to vote against its deal with Netflix."
"Paramount has now filed a lawsuit against WBD to ask the court to force the company to disclose more details about its Netflix agreement with WBD shareholders, such as how it valued the transaction. "WBD has provided increasingly novel reasons for avoiding a transaction with Paramount, but what it has never said, because it cannot, is that the Netflix transaction is financially superior to our actual offer," Ellison writes."
Paramount has sued Warner Bros. Discovery seeking court-ordered disclosure of details about WBD's $82.7 billion sale of its studio, HBO, and HBO Max to Netflix. Paramount CEO David Ellison said the company will nominate directors to WBD's board to vote against the Netflix deal. Paramount previously launched a $108.4 billion hostile takeover bid to acquire all of WBD after WBD accepted Netflix's offer and rejected Paramount's original and amended proposals. The lawsuit requests that WBD explain how it valued the Netflix transaction, and Paramount intends its nominees to engage under the Netflix agreement to pursue a transaction with Paramount.
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