January 13, (THEWILL) — Warner Bros. Discovery (WBD) has rejected a lawsuit filed by Paramount Skydance, calling it “meritless” and reaffirming its support for its proposed deal with Netflix.
On Monday, Paramount filed a lawsuit in the Delaware Chancery Court seeking more financial details about WBD’s agreement with Netflix, including how the company is valuing its assets and assigning debt.
Paramount argues that the information is necessary for shareholders to properly compare Netflix’s offer with its competing bid of $30 per share.
In response, WBD said Paramount “has yet to raise the price” of its offer and accused the company of trying to “distract” shareholders.
In a statement, WBD said that despite weeks of public statements and press releases, Paramount Skydance has failed to address what it described as the “numerous and obvious deficiencies” in its proposal, adding that its board unanimously concluded the offer is not superior to the Netflix deal.
Paramount has made multiple attempts to acquire Warner Bros. Discovery as a whole, but WBD’s board has rejected eight consecutive offers and ultimately chose to move forward with Netflix.
Under the proposed agreement, Netflix would acquire WBD’s major studio and streaming assets, including Warner Bros. Pictures, Warner Bros. Television, HBO, HBO Max, and the company’s gaming division.
Despite WBD’s decision, Paramount has continued to press its case, arguing that the Netflix deal undervalues Discovery Global.
Paramount has also announced plans to nominate rival directors at WBD’s 2026 shareholders’ meeting in an effort to push the board to reconsider its $30-per-share offer.
Evi Ben Ezaga writes on entertainment, culture, and trending stories.
