Paramount has filed a lawsuit in Delaware Chancery Court to compel Warner Bros. Discovery to disclose details regarding its recent acquisition by Netflix, following the deal’s unanimous approval by both companies’ boards. Paramount is contesting the rejection of its $30-per-share all-cash offer, which it claims is superior to Netflix’s bid of $27.72, and announced plans for a proxy fight to nominate its own board members.
The ongoing dispute comes as Warner Bros. Discovery plans to separate its streaming and studios business from its global networks division, creating a new entity named Discovery Global. Shareholders are now faced with competing proposals: Warner Bros. intends to offer $23.25 in cash per share, along with shares of Netflix and a stake in Discovery Global, while Paramount’s cash offer remains open until January 21.
