Paramount Skydance is taking legal action against Warner Bros. Discovery after the latter rejected the company’s hostile takeover bid in favor of sticking with Netflix.
In a lawsuit filed in the Delaware Chancery Court, Paramount Skydance is requesting that Warner Bros. provide information about its sale process and pending $72 billion deal with rival Netflix.
“WBD has failed to include any disclosure about how it valued the Global Networks stub equity, how it valued the overall Netflix transaction, how the purchase price reduction for debt works in the Netflix transaction, or even what the basis is for its ‘risk adjustment’ of our $30 per share all-cash offer,” Paramount Skydance CEO David Ellison said in a company-wide letter Monday.
“We filed suit this morning in Delaware Chancery Court to ask the court to simply direct WBD to provide this information so that WBD shareholders have what they need to be able to make an informed decision as to whether to tender their shares into our offer.”
More to come
