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Paramount sues Warner Bros Discovery over Netflix deal

In the escalating bidding battle for Warner Bros. Discovery (WBD), Paramount initiated legal action against the media group on Monday. The move follows the WBD board’s decision to support a takeover bid from Netflix while rejecting Paramount’s significantly higher offer. Paramount filed a lawsuit with the Delaware Chancery Court, seeking access to documents relevant to the board’s decision-making process.

Reaching an agreement

After the WBD board refused to engage with Paramount, the bidder announced plans to take its case directly to shareholders. Paramount said it would nominate its own candidates for the WBD board at the next annual meeting and campaign against approval of the Netflix deal. Its goal is to ultimately reach an agreement with WBD based on what it describes as a financially and strategically superior offer.

Willingness to continue negotiations

Despite the legal dispute, Paramount emphasized its willingness to continue negotiations and reiterated its interest in a consensual solution. The coming weeks could determine whether Netflix prevails with a focused acquisition of WBD’s studio and streaming assets, or whether Paramount succeeds with a full takeover including TV networks such as CNN.

Lack of transparency

Paramount also criticized a lack of transparency, claiming WBD failed to disclose key details of the Netflix transaction despite repeated requests. These include valuations related to the planned spin-off of the global networks business and the financial structure of Netflix’s bid. In an open letter to shareholders, Paramount argued that its all-cash, fully financed offer of $30 per share was not properly evaluated, while Netflix’s competing proposal—combining cash, shares, and stakes in a newly formed entity—was described as having no meaningful economic value.

Source: https://retail-news.de/paramount-klage-warner-bros-netflix/ 

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