Paramount Skydance's Bold Move in Warner Bros Discovery Takeover Bid

Paramount Skydance intensifies its hostile takeover bid of Warner Bros Discovery by planning to name its own board of directors. The company has filed a lawsuit to pressure Warner Bros. for transparency in its valuation and reinforce its superior offer of USD 77.9 billion compared to Netflix's USD 72 billion bid.

Paramount Skydance is escalating its efforts to acquire Warner Bros Discovery, revealing plans to appoint its own board of directors before the studio's next shareholder meeting.

On Monday, Paramount filed a lawsuit in Delaware Chancery Court, demanding Warner Bros. disclose how it evaluates the bids from Paramount and Netflix. The move comes amid a bidding war where Warner Bros. has been encouraged by its leadership to consider Netflix's USD 72 billion offer over Paramount's USD 77.9 billion proposal. Despite repeated refusals from Warner Bros., Paramount has consistently aimed to strengthen its bid.

David Ellison, Paramount Skydance's chairman and CEO, confirmed their commitment to proceeding with their current offer. He stressed the gravity of their actions in a letter addressed to Warner Bros. shareholders as the company awaits the scheduling of Warner's meetings to discuss the Netflix bid.

(With inputs from agencies.)