Paramount Skydance has filed a lawsuit against Warner Bros. Discovery (WBD), seeking expanded financial disclosures related to the media company’s proposed deal with Netflix. The move comes as Paramount also plans to nominate its own slate of directors in an effort to block the transaction.
The lawsuit, filed in the Delaware Court of Chancery, aims to compel Warner Bros. Discovery and Netflix to provide what Paramount Skydance describes as “basic information” needed for shareholders to properly evaluate the deal. Paramount said the disclosures are necessary for investors to assess the agreement and consider alternative options.
Alongside the legal action, Paramount Skydance announced plans to nominate directors at Warner Bros. Discovery’s 2026 annual shareholders meeting. The proposed board candidates, the company said, would oppose the Netflix deal and push for a reassessment of the company’s strategic direction.
The development follows Warner Bros. Discovery’s recent decision to reject Paramount Skydance’s revised offer. Less than a week earlier, WBD’s board unanimously recommended that shareholders approve the Netflix transaction, a position outlined in a letter published on its corporate website.
In response, Warner Bros. Discovery issued a statement criticizing Paramount Skydance’s lawsuit and proxy challenge. The company described the legal action as meritless and said Paramount had failed to improve its bid or address concerns raised by the board.
“Despite six weeks and just as many press releases from Paramount Skydance, it has yet to raise the price or address the numerous and obvious deficiencies of its offer,” the statement read. WBD added that, after multiple engagements, its board determined that Paramount Skydance’s proposal was not superior to the Netflix deal.
