Paramount Skydance has filed a lawsuit against Warner Bros. Discovery and CEO David Zaslav, marking its latest move in a contentious effort to acquire the company. The suit asks a Delaware court to compel WBD to disclose the financial details about its sale process and its $83 billion pending agreement with Netflix.
CEO David Ellison wrote in a letter to WBD shareholders today: “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 said that it plans to nominate a slate of directors “who, in accordance with their fiduciary duties, will exercise WBD’s right under the Netflix Agreement to engage on Paramount’s offer and enter into a transaction with Paramount.”
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