Despite multiple rejections of its bids, Paramount remains intent on buying Warner Bros. Discovery and has now launched a lawsuit against the company over the matter. What's more, Paramount said it will seek to nominate its own team of directors at the WBD 2026 Annual Meeting this year, which could trigger a so-called proxy fight for the company's future.
Paramount boss David Ellison said in a memo to WBD shareholders that it filed suit in court today, January 12, calling on the court to direct WBD to release the specifics of Netflix's bid for WBD. The WBD shareholders need this information so they can "make an informed decision as to whether to tender their shares into our offer," Paramount said.
Ellison said Paramount had already asked for "the customary financial disclosure" that should have been provided to shareholders in a business transaction like this. But Ellison said WBD "failed to include" disclosures about several aspects of the deal from Netflix and share this with WBD shareholders.
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