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Paramount Skydance took another step in its hostile bid for Warner Bros. Discovery, saying on Monday it would name its own slate of directors ahead of Warner Bros. Discovery’s next shareholder meeting. Hollywood studio.
Paramount also filed suit in Delaware Chancery Court seeking to force Warner Bros. to disclose to shareholders how it evaluates its takeover bid and competing offers from Warner Bros. Netflix.
Warner Bros. is in the middle of a bidding war between Paramount and Netflix. Warner’s leadership has repeatedly rejected overtures from Skydance’s Paramount unit and is urging shareholders to support a $72 billion sale of its streaming and studio businesses to Netflix. Paramount, meanwhile, is working to increase its hostile $77.9 billion offer for the entire company.
Last week, Warner Bros. Discovery said its board of directors believed Paramount’s offer was not in the best interest of the company or its shareholders. It again recommended shareholders support the Netflix deal.
David Ellison, Chairman and CEO Paramount Skydance said on Monday it was committed to completing its tender offer. “We do not take any of these actions lightly,” he said in a letter to Warner Bros. shareholders.
Warner Bros. has not yet scheduled an annual or special meeting to consider Netflix’s bid, and Paramount has not disclosed any potential board candidates.