Paramount’s attempt to merge with Warner Bros. Discovery has been turned down once more, leading Paramount’s CEO, David Ellison, to file a lawsuit against Warner Bros. Discovery.
Larry Ellison is suing Warner Bros., demanding they reveal the financial terms of their $83 billion agreement with Netflix. Despite Ellison’s ongoing efforts to challenge the deal, both companies remain committed to the merger. Ellison explained his concerns in a letter to Warner Bros. Discovery shareholders, stating:
Warner Bros. Discovery hasn’t explained how it determined the value of its Global Networks stake, the overall Netflix deal, or how the price was adjusted for debt in the Netflix transaction. They also haven’t clarified how they arrived at their ‘risk adjustment’ to our $30 per share cash offer.
Paramount is asking the Delaware court to order Warner Bros. Discovery (WBD) to share information so WBD shareholders can decide whether to accept Paramount’s offer for their shares. It’s not yet known what Paramount’s chairman and CEO, Ellison, will do with the information if he gets it, or if he’s just trying to confirm his previous accusations of wrongdoing.
Warner Bros. Discovery (WBD) turned down multiple offers from Paramount, including one valued at $108.4 billion (or $30 per share). Instead, WBD decided to move forward with its existing agreement with Netflix. While Paramount’s offer represented a significant increase in value, WBD’s board expressed concerns about how Larry Ellison and Paramount planned to finance the deal.
More news to come…
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2026-01-12 17:48