The battle for control of Warner Bros. Discovery (WBD) is intensifying. Paramount Skydance has said it has filed a complaint in the Delaware Court of Chancery against WBD and its CEO, David Zaslav, seeking access to information it deems essential for shareholders. David Ellison, Paramount's chief executive, said in a letter to WBD shareholders that the materials are needed to enable an informed decision on the ongoing takeover bid.
The legal action comes as WBD's board of directors recently renewed its recommendation that shareholders reject Paramount's revised offer, against a backdrop of rising tensions. Paramount formalized a hostile takeover attempt shortly after WBD announced the sale of its streaming and production businesses to Netflix for $72bn. The plan, in which Paramount also participated, calls for the spin-off of the Discovery Global division into a new publicly listed entity.
Paramount's move marks a new phase in this strategic standoff between two entertainment heavyweights. While WBD is seeking to reshape its assets around a major partnership with Netflix, Paramount aims to force the issue by legally mobilizing shareholders. The outcome of this tug-of-war could redraw the balance of power in an industry already in the midst of major change.
Formed from the merger between Skydance Media, LLC and Paramount Global in August 2025, Paramount Skydance Corporation is one of the world's leading media and entertainment groups. The company's activities are organized around 4 divisions:
- film and television content production: feature films, animated films, television series, animated series, documentaries, etc. These activities are carried out through Paramount Pictures, Paramount Animation, Skydance Animation, Skydance Media, Skydance Productions, Skydance Sports, SHOWTIME/MTV Entertainment Studios, BET Studios, Awesomeness, Paramount Players, See It Now, CBS Studios, and Nickelodeon Studios.
- subscription and free streaming: video-on-demand (films, series, TV programs, etc.), real-time broadcasting of sporting events, concerts, etc. via the Paramount+, Pluto TV and BET+ streaming platforms;
- development of video games and immersive content: Skydance Games and Skydance Interactive;
- TV channel broadcasting: operation of Paramount Television, CBS Television Network, CBS Stations, and Skydance Television stations.
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Investor
Investor
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Global
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ESG MSCI
ESG MSCI
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