Paramount's upcoming move in its aggressive attempt to acquire Warner Bros. involves forming a board that it has established itself

Paramount Skydance Intensifies Pursuit of Warner Bros. Discovery

Paramount Skydance has announced plans to nominate its own board of directors for Warner Bros. Discovery ahead of the studio’s upcoming shareholder meeting, escalating its ongoing takeover attempt.

In addition, Paramount has initiated legal action in Delaware Chancery Court, seeking to require Warner Bros. to provide shareholders with details on how it assesses both Paramount’s acquisition proposal and a rival bid from Netflix.

Warner Bros. Discovery currently finds itself at the center of a bidding contest between Paramount and Netflix. The company’s management has consistently rejected advances from Paramount, which is owned by Skydance, and has encouraged shareholders to approve the sale of its streaming and studio assets to Netflix for $72 billion. Meanwhile, Paramount has increased its hostile bid to $77.9 billion for the entire company.

Just last week, Warner Bros. Discovery’s board concluded that Paramount’s offer does not serve the best interests of the company or its shareholders, once again urging investors to support the Netflix transaction.

David Ellison, Paramount Skydance’s chairman and CEO, reaffirmed the company’s determination to pursue its tender offer, stating in a letter to Warner Bros. shareholders, “We do not make these decisions lightly.”

As of now, Warner Bros. has not set a date for its annual meeting or a special session to vote on the Netflix proposal, and Paramount has yet to reveal its choices for board nominees.