The David Ellison-led company sought information regarding Netflix’s offer for Warner Bros. Discovery.
Paramount Skydance Corp. (PSKY) on Monday sued for information in its bid for a hostile takeover of Warner Bros. Discovery Inc. (WBD).
The David Ellison-led company filed a suit in the Delaware Chancery Court, asking it to direct Warner Bros. Discovery to provide information with respect to Netflix Inc.’s (NFLX) offer.
“We filed suit this morning in Delaware Chancery Court to ask the court to simply direct WBD to provide this information so that WBD shareholders have what they need to be able to make an informed decision as to whether to tender their shares into our offer,” the company said in its letter.
Paramount Skydance shares edged lower by 0.2% in Monday’s opening trade, while Warner Bros. Discovery shares declined 1%. Retail sentiment on Stocktwits around PSKY trended in the ‘neutral’ territory, while users felt ‘bearish’ about WBD.
Netflix shares were up 0.7% at the time of writing, with retail sentiment trending in the ‘bullish’ territory on Stocktwits.
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