"In a letter to shareholders on Monday, Paramount CEO David Ellison said the company has filed suit in Delaware Chancery Court seeking more disclosure about WBD's pending Netflix deal and the process that led to its acceptance. Paramount argues WBD hasn't provided "basic information" shareholders need to evaluate competing offers, including how WBD valued the planned cable-networks spinout Discovery Global (or Global Networks, depending on the filing)."
"If WBD were to call a special meeting to approve the Netflix transaction before the annual meeting, Paramount says it will solicit proxy votes against the deal. It also plans to push a bylaw change requiring shareholders to approve any separation of Discovery Global. This change seems like Paramount stoking the flames (whether real or imagined) surrounding shareholders having their WBD shares bought out without the value of Discovery Global built-in under the Netflix merger."
Paramount Skydance has filed suit in Delaware Chancery Court seeking more disclosure about Warner Bros. Discovery's pending Netflix deal and the decision process that led to its acceptance. Paramount contends WBD has not provided basic information shareholders need to evaluate competing offers, including how WBD valued the planned cable-networks spinout Discovery Global. Paramount intends to mount a proxy fight, nominate directors at WBD's 2026 annual meeting, solicit votes against any special meeting that approves the Netflix deal, and push a bylaw requiring shareholder approval for any separation of Discovery Global. Paramount maintains its offer is superior while WBD says Paramount's bid offers insufficient value.
Read at Engadget
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