Paramount sues Warner Bros:Information sought about Netflix deal; battle between both companies to acquire Warner Bros

Paramount Skydance has filed a lawsuit against Warner Bros Discovery. Paramount is seeking more information about Warner Bros Discovery’s deal with Netflix worth $82.7 billion (₹7.46 lakh crore). Paramount has also announced the nomination of directors to Warner’s board. The company says its $30 per share cash bid is better than Netflix’s $27.75 per share cash-and-stock offer. Why is there a dispute? This battle between Paramount Skydance and Netflix is about controlling Warner Bros, which owns blockbuster content like ‘Harry Potter’ and ‘DC Comics’. Paramount has made a ‘hostile bid’ of $108.4 billion to buy Warner Bros. They have promised to pay the entire amount in cash. However, Warner Bros has rejected this offer. After this, Netflix announced the acquisition of Warner Bros’ studio and streaming business for approximately $82.7 billion. Paramount says its cash offer is more secure and beneficial than Netflix’s share-based offer. Paramount requests financial information about Netflix deal Paramount Skydance filed a lawsuit against Warner Bros Discovery on Monday. The company claims that Warner did not provide complete information about the Netflix deal. This includes studios and content library, such as Harry Potter and DC Comics. Paramount argues that its all-cash offer is more certain and will clear regulatory hurdles more easily. The company has also given a proposal to change Warner’s bylaws. This will require shareholder approval to separate the cable TV business, which is part of the Netflix deal. Paramount had given a revised bid of $108.4 billion last week, but the Warner board rejected it. Warner Bros Controversy Timeline