Paramount Skydance (PSKY) plans to nominate directors to Warner Bros. Discovery ‘s (WBD) board as it continues its pursuit of the entertainment giant. Warner Bros. fell 1.1%.
Paramount Skydance (PSKY) also filed a lawsuit in Delaware court seeking to gain basic information to enable Warner Bros. Discovery (WBD) shareholders to make an informed decision, according to a letter sent to Warner Bros. holders on Monday.
Paramount (PSKY) plans to propose an amendment to Warner Bros.’s bylaws that will require WBD shareholder approval for any separation of Global Networks.
“We do not undertake any of these actions lightly,” the letter said. “Make no mistake, our goal remains to have constructive discussions with WBD’s Board to reach an agreement that is in the best interests of WBD shareholders.”
Under the terms of the agreement announced December 5, Netflix (NFLX) will acquire Warner Bros. (WBD), including its film and television studios, HBO Max, and HBO, in a cash-and-stock transaction valued at $27.75 per WBD share, with a total enterprise value of approximately $82.7 billion (equity value of $72.0 billion).