"In the letter, published by CNBC on Thursday, lawyers for Paramount warned the media giant that it appeared to have abandoned the semblance and reality of a fair transaction process in pursuit of a predetermined outcome, citing media reports that Warner executives have warmed decisively to Netflix and see chemistry between the companies' leadership teams. The dispute centers on Warner Bros. Discovery's sale process, which launched in October."
"Paramount insists it spent months pursuing a full takeover and made three offers only to find itself frozen out as second-round bids emerged from Netflix and Comcast. Warner Bros. Discovery responded that its directors fully and robustly complied with their fiduciary obligations. Netflix is offering predominantly cash, according to people familiar with talks, and all bids have risen since the first round."
Paramount Skydance accused Warner Bros. Discovery of overseeing a tilted and unfair bidding process that favored Netflix, alleging a predetermined outcome and abandonment of fair procedure. Paramount said it pursued a full takeover for months and submitted three offers but was effectively frozen out as second‑round bids from Netflix and Comcast emerged. Warner Bros. Discovery stated that its directors fully complied with their fiduciary obligations. Sources indicated Netflix's offer is predominantly cash and that bids rose since the first round. Reports said Zaslav considered detaching legacy cable assets and seeking buyers for HBO Max and the film studio. Paramount is pressing for an independent special committee to oversee the sale.
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