Paramount, Upset of Warner Bros' Preference For Netflix, Sues Warner Bros.

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Sounds like someone can't accept "no" as an answer:

Paramount Skydance (PSKY.O), opens new tab on Monday sued Warner Bros ​Discovery (WBD.O), opens new tab for more information on a rival $82.7 billion deal with Netflix (NFLX.O), opens new tab, escalating a battle to take control of one of the ‌most storied Hollywood studios.

The David Ellison-led company also said it planned to nominate directors to Warner Bros' board, in one of its most aggressive steps to convince investors that its $108.7 billion all-cash bid is superior to Netflix's cash-and-stock deal.

Paramount and Netflix have been in a heated battle for Warner Bros, its prized film and television studios and its extensive content library, which includes "Harry Potter" and the DC Comics universe.

Warner Bros last week rejected Paramount's latest offer, advising shareholders to vote in favor of the ‌Netflix deal.

In a letter to shareholders, Paramount also said it would propose an amendment to Warner Bros' bylaws that would ​require shareholder approval for any separation of the media giant's cable TV business, which is key to the Netflix deal.

Paramount's argument is that its all-cash bid of $30 per share for the whole of Warner Bros is superior to Netflix's cash-and-stock offer of $27.75 per share for the studios and streaming assets and ‍will more easily clear regulatory hurdles.

Paramount filed the lawsuit in the Delaware Court of Chancery, seeking to force disclosure of the financial analysis behind the Warner Bros board's support for the Netflix merger.


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