Paramount Launches Attack to Block Netflix's $83bn Warner Bros Deal
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Paramount is taking direct action to stop Netflix's planned $82.7bn purchase of Warner Bros Discovery (WBD).
The company announced it will nominate its own candidates for WBD's board of directors. The goal is to install board members who will vote against the Netflix deal.
Paramount has also filed a lawsuit. It demands that WBD disclose detailed financial information about the agreement.
In a letter to WBD investors, Paramount stated its plans for the board election. WBD's annual meeting, where the vote would happen, is typically held in June.
Netflix and WBD agreed to the massive streaming and studio deal in December. Paramount's moves represent a significant new challenge to its completion.