Paramount Skydance has intensified the battle for control of Warner Bros. Discovery by filing a lawsuit in the Delaware Court of Chancery to compel the company to disclose detailed information about the agreement it has reached with Netflix for the purchase of its studios and the HBO Max streaming platform, officially valued at approximately $82.7 billion. The legal action is a response to Paramount's insistence that shareholders do not have the necessary data to decide between its hostile offer—$30 per share with a total value of about $108.4 billion—and the streaming platform's proposal.
The lawsuit comes amid an open dispute in which Paramount also plans to nominate new directors to Warner's board and reform its bylaws to block the segregation of key assets, arguing that the deal with Netflix has not been adequately justified as financially superior. Warner's board of directors has repeatedly rejected Paramount's offer, instead supporting the pact with Netflix, considering it more structured and with greater guarantees for shareholders.
For his part, Donald Trump has publicly criticized this potential closure of the operation between Netflix and Warner Bros. Discovery, sharing and endorsing posts that warn the merger would lead to an unprecedented "cultural takeover" by Netflix and concentrate immense power in a single media entity – something striking after his recent political moves. Trump has suggested that antitrust authorities should examine the transaction's impact on competition and cultural diversity, in a turn that adds political and regulatory pressure to the corporate conflict.
The dispute between entertainment giants is triggering reactions from governments, shareholders, and competitors in one of the sector's most relevant corporate battles in years, which could redefine the structure of the global audiovisual industry.