"Paramount Skydance plans to nominate directors to Warner Bros Discovery's (WBD) board to vote against the approval of its deal with Netflix, and filed a lawsuit seeking disclosure of financial information related to the $82.7bn (61.4bn) agreement. In a letter sent to WBD investors on Monday, Paramount said it will nominate directors for election at the company's annual meeting, which is usually held in June, to try to derail the deal with Netflix, which was agreed in December."
"Paramount is attempting to secure its own $108.4bn takeover of WBD. Its bid has been backstopped by a personal $40bn guarantee by Larry Ellison, a co-founder of Oracle. Under the Netflix deal, the streaming company is poised to take control of WBD's prize assets such as Warner Bros, the studio behind franchises including Harry Potter, Superman and Batman, as well as HBO, home to shows including Game of Thrones, The White Lotus and Succession."
Paramount Skydance plans to nominate directors to WBD's board to vote against approval of its $82.7bn deal with Netflix and has filed a lawsuit seeking financial disclosures related to the agreement. Paramount is pursuing its own $108.4bn takeover of WBD, backed by a $40bn personal guarantee from Larry Ellison. The Netflix transaction would transfer control of Warner Bros and HBO to Netflix while excluding the global networks division that includes CNN, Cartoon Network and Discovery Channel. Paramount intends to propose a bylaw amendment requiring shareholder approval for any spin-off of the global networks business and will solicit proxies if a special meeting is called.
Read at www.theguardian.com
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