It’s either very exciting, or a little tragic. Acting like some kind of spurned lover. Or spoiled hyper-rich used to getting their own way on everything. Either way, Paramount is lawyering up to keep taking the fight to Warner Bros. Discovery.
Paramount Skydance is instructing lawyers. Variety reports that this is to sue Warner Bros. Discovery to force them to disclose the financial details of their deal with Netflix.
This is all coming after WBD rejected improved offers from Paramount and stuck with Netflix.
Paramount’s latest $30 per share and all cash bid was their eighth offer.
Paramount, who will already own quite a few shares, will apparently take steps to nominate directors to the board and then use their fiduciary oversight to engage with Paramount’s offer.
They will also propose an amendment to WBD’s bylaws to require WBD shareholder approval for the company to be split up, as per the Netflix deal. The Paramount offer was for the whole company.
Warner Bros. Discovery has responded, and called Paramount’s lawsuit meritless.
