Paramount to nominate directors to Warner Bros board to vote against Netflix deal

Paramount also files lawsuit seeking disclosure of financial information related to $82.7bn agreement

Paramount Skydance plans to nominate directors to Warner Bros Discovery’s (WBD) board to vote against the approval of its deal with Netflix, and filed a lawsuit seeking disclosure of financial information related to the $82.7bn (£61.4bn) agreement.

In a letter sent to WBD investors on Monday, Paramount said it will nominate directors for election at the company’s annual meeting, which is usually held in June, to try to derail the deal with Netflix, which was agreed in December.

Paramount is attempting to secure its own $108.4bn takeover of WBD. Its bid has been backstopped by a personal $40bn guarantee by Larry Ellison, a co-founder of Oracle.

Under the Netflix deal, the streaming company is poised to take control of WBD’s prize assets such as Warner Bros, the studio behind franchises including Harry Potter, Superman and Batman, as well as HBO, home to shows including Game of Thrones, The White Lotus and Succession.