Paramount Skydance is escalating its hostile takeover of Warner Bros. Discovery, announcing plans to name its own slate of directors ahead of the studio’s next shareholder meeting.
Paramount also filed suit in Delaware Chancery Court, seeking disclosure on how Warner evaluates its bid versus Netflix’s competing $72 billion offer. Paramount has offered $77.9 billion for the entire company, but Warner’s leadership continues to recommend shareholders back the Netflix deal.
David Ellison, Paramount CEO, said the company is “committed to seeing through its tender offer” and stressed the seriousness of the move. Warner Bros. has yet to schedule its annual or special shareholder meetings, and Paramount has not named board candidates.
The development intensifies a high-stakes bidding war between Paramount and Netflix for one of Hollywood’s most prominent studios.