Paramount Skydance is moving forward with its attempt to acquire Warner Bros. Discovery. The company announced plans to nominate its own candidates for the Warner Bros. Discovery board of directors before the next shareholder meeting.
In addition, Paramount has filed a lawsuit in Delaware, seeking to force Warner Bros. to reveal how it’s evaluating Paramount’s bid against a competing offer from Netflix.
Warner Bros. is currently facing competing bids from Paramount and Netflix. Warner Bros. leaders have previously turned down offers from Paramount, suggesting shareholders support a deal to sell its streaming and studio operations to Netflix for $72 billion. Paramount has been working to improve its offer, which is currently valued at $77.9 billion, for the entire company.
Warner Bros. Discovery stated last week that its board believes Paramount’s offer isn’t the best option for the company or its shareholders, and continues to recommend the Netflix deal.
David Ellison, head of Paramount Skydance, said they are dedicated to pursuing their offer. He emphasized the seriousness of their actions in a letter to Warner Bros. shareholders.
Warner Bros. has not yet announced the date of its annual meeting or a special meeting to discuss the Netflix offer. Paramount has not yet publicly named any potential board candidates.
