मनोरंजन

By Amy-Jo Crowley and Hadeel Al Sayegh LONDON/DUBAI, Jan 13 (Reuters) – Banijay Group, the French media company that owns "Big Brother," is in talks with All3Media-owner RedBird IMI about merging their TV production businesses, two people familiar with the situation told Reuters. Discussions have centred on merging Banijay's Entertainment & Live unit, which also owns "MasterChef," with All3Media, the producer of hit TV show "The Traitors," the people said. A merger would create one of Europe's largest production groups, with a slate of shows including "Survivor", "Peaky Blinders" and "Race Across the World."  Both companies have sought potential combinations with other producers in recent years, Reuters has previously reported according to sources, as TV and film production companies build scale against the growing dominance of streaming giants Netflix, Disney+ and Amazon Prime Video.   A potential deal would likely include All3Media injecting funds into the combined entity because it is the smaller of the two, one of the sources said.  Talks began towards the end of last year after Amsterdam-listed Banijay dropped its pursuit of Britain's ITV Studios and they are now at an advanced stage, the people said, speaking on condition of anonymity because the matter is private. However, the sources cautioned that no agreement has been reached and there is no certainty a deal will happen.  Redbird IMI, Banijay and All3Media declined to comment. ($1 = 0.8569 euros) (Reporting by Amy-Jo Crowley in London and Hadeel Al Sayegh in Dubai, with additional reporting by Paul Sandle and Mathieu Rosemain. Editing by Elisa Martinuzzi and Anousha Sakoui.)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Amy-Jo Crowley and Hadeel Al Sayegh LONDON/DUBAI, Jan 13 (Reuters) – Banijay Group, the French media company that owns "Big Brother," is in talks with All3Media-owner RedBird IMI about merging their TV production businesses, two people familiar with the situation told Reuters. Discussions have centred on merging Banijay's Entertainment & Live unit, which also owns "MasterChef," with All3Media, the producer of hit TV show "The Traitors," the people said. A merger would create one of Europe's largest production groups, with a slate of shows including "Survivor", "Peaky Blinders" and "Race Across the World."  Both companies have sought potential combinations with other producers in recent years, Reuters has previously reported according to sources, as TV and film production companies build scale against the growing dominance of streaming giants Netflix, Disney+ and Amazon Prime Video.   A potential deal would likely include All3Media injecting funds into the combined entity because it is the smaller of the two, one of the sources said.  Talks began towards the end of last year after Amsterdam-listed Banijay dropped its pursuit of Britain's ITV Studios and they are now at an advanced stage, the people said, speaking on condition of anonymity because the matter is private. However, the sources cautioned that no agreement has been reached and there is no certainty a deal will happen.  Redbird IMI, Banijay and All3Media declined to comment. ($1 = 0.8569 euros) (Reporting by Amy-Jo Crowley in London and Hadeel Al Sayegh in Dubai, with additional reporting by Paul Sandle and Mathieu Rosemain. Editing by Elisa Martinuzzi and Anousha Sakoui.)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Aditya Soni Jan 12 (Reuters) – Paramount Skydance on Monday sued Warner Bros Discovery for more information on a rival $82.7 billion deal with Netflix, escalating a battle to take control of one of the most storied Hollywood studios.  The David Ellison-led company also said it planned to nominate directors to Warner Bros' board, in one of its most aggressive steps to convince investors that its $108.7 billion all-cash bid is superior to Netflix's cash-and-stock deal. Paramount and Netflix have been in a heated battle for Warner Bros, its prized film and television studios and its extensive content library, which includes "Harry Potter" and the DC Comics universe. Warner Bros last week rejected Paramount's latest offer, advising shareholders to vote in favor of the Netflix deal. In a letter to shareholders, Paramount also said it would propose an amendment to Warner Bros' bylaws that would require shareholder approval for any separation of the media giant's cable TV business, which is key to the Netflix deal. Paramount's argument is that its all-cash bid of $30 per share for the whole of Warner Bros is superior to Netflix's cash-and-stock offer of $27.75 per share for the studios and streaming assets and will more easily clear regulatory hurdles. Paramount filed the lawsuit in the Delaware Court of Chancery, seeking to force disclosure of the financial analysis behind the Warner Bros board's support for the Netflix merger. 'RAISE THE BID. MONEY TALKS' The CBS parent said last week the value of Warner Bros' cable spinoff was virtually worthless and reiterated its amended bid after another rejection from Warner Bros' board. With Monday's lawsuit, Paramount has escalated its actions, but it has not yet increased the price it is willing to pay. "I don’t think the lawsuit matters much. It would take ages to get through the court system if they full-on go that route," Craig Huber, analyst at Huber Research Partners, said. "If they want Warner Bros bad enough, raise the bid. Money talks." Warner Bros has also said it will owe Netflix a $2.8 billion termination fee if it walks away from the agreement, part of $4.7 billion in extra costs to end the deal. The amended proposal had included $40 billion in equity personally guaranteed by Oracle's co-founder Larry Ellison, the father of Paramount CEO David Ellison, and $54 billion in debt. "WBD has provided increasingly novel reasons for avoiding a transaction with Paramount, but what it has never said, because it cannot, is that the Netflix transaction is financially superior to our actual offer," Paramount wrote in the investor letter. "Unless the WBD board of directors decides to exercise its right to engage with us under the Netflix merger agreement, this will likely come down to your vote at a shareholder meeting," it added. Paramount argued that the disclosure of Warner Bros' financial analysis is crucial for investors weighing whether to tender their shares to Paramount before the offer – which can be extended – expires on Jan. 21.  "Time is of the essence," Paramount said in the lawsuit against Warner Bros, CEO David Zaslav and key investor John Malone, among others. "Any decision concerning an extension will depend, in part, on the number of shares tendered." Warner Bros said in a statement that the lawsuit was "meritless", adding that Paramount had yet to "raise the price or address the numerous and obvious deficiencies of its offer". Netflix did not immediately respond to a request for comment. Shares of Warner Bros were down 1.6% on Monday, while Netflix was flat and Paramount up 0.4%. (Reporting by Aditya Soni in Bengaluru and Dawn Chmielewski in Los Angeles, additional reporting by Arnav Mishra and Deborah Sophia; Editing by Tasim Zahid, Sriraj Kalluvila and Anil D'Silva)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Aditya Soni Jan 12 (Reuters) – Paramount Skydance on Monday sued Warner Bros Discovery for more information on a rival $82.7 billion deal with Netflix, escalating a battle to take control of one of the most storied Hollywood studios.  The David Ellison-led company also said it planned to nominate directors to Warner Bros' board, in one of its most aggressive steps to convince investors that its $108.7 billion all-cash bid is superior to Netflix's cash-and-stock deal. Paramount and Netflix have been in a heated battle for Warner Bros, its prized film and television studios and its extensive content library, which includes "Harry Potter" and the DC Comics universe. Warner Bros last week rejected Paramount's latest offer, advising shareholders to vote in favor of the Netflix deal. In a letter to shareholders, Paramount also said it would propose an amendment to Warner Bros' bylaws that would require shareholder approval for any separation of the media giant's cable TV business, which is key to the Netflix deal. Paramount's argument is that its all-cash bid of $30 per share for the whole of Warner Bros is superior to Netflix's cash-and-stock offer of $27.75 per share for the studios and streaming assets and will more easily clear regulatory hurdles. Paramount filed the lawsuit in the Delaware Court of Chancery, seeking to force disclosure of the financial analysis behind the Warner Bros board's support for the Netflix merger. 'RAISE THE BID. MONEY TALKS' The CBS parent said last week the value of Warner Bros' cable spinoff was virtually worthless and reiterated its amended bid after another rejection from Warner Bros' board. With Monday's lawsuit, Paramount has escalated its actions, but it has not yet increased the price it is willing to pay. "I don’t think the lawsuit matters much. It would take ages to get through the court system if they full-on go that route," Craig Huber, analyst at Huber Research Partners, said. "If they want Warner Bros bad enough, raise the bid. Money talks." Warner Bros has also said it will owe Netflix a $2.8 billion termination fee if it walks away from the agreement, part of $4.7 billion in extra costs to end the deal. The amended proposal had included $40 billion in equity personally guaranteed by Oracle's co-founder Larry Ellison, the father of Paramount CEO David Ellison, and $54 billion in debt. "WBD has provided increasingly novel reasons for avoiding a transaction with Paramount, but what it has never said, because it cannot, is that the Netflix transaction is financially superior to our actual offer," Paramount wrote in the investor letter. "Unless the WBD board of directors decides to exercise its right to engage with us under the Netflix merger agreement, this will likely come down to your vote at a shareholder meeting," it added. Paramount argued that the disclosure of Warner Bros' financial analysis is crucial for investors weighing whether to tender their shares to Paramount before the offer – which can be extended – expires on Jan. 21.  "Time is of the essence," Paramount said in the lawsuit against Warner Bros, CEO David Zaslav and key investor John Malone, among others. "Any decision concerning an extension will depend, in part, on the number of shares tendered." Warner Bros said in a statement that the lawsuit was "meritless", adding that Paramount had yet to "raise the price or address the numerous and obvious deficiencies of its offer". Netflix did not immediately respond to a request for comment. Shares of Warner Bros were down 1.6% on Monday, while Netflix was flat and Paramount up 0.4%. (Reporting by Aditya Soni in Bengaluru and Dawn Chmielewski in Los Angeles, additional reporting by Arnav Mishra and Deborah Sophia; Editing by Tasim Zahid, Sriraj Kalluvila and Anil D'Silva)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Aditya Soni Jan 12 (Reuters) – Paramount Skydance on Monday sued Warner Bros Discovery for more information on a rival $82.7 billion deal with Netflix, escalating a battle to take control of one of the most storied Hollywood studios.  The David Ellison-led company also said it planned to nominate directors to Warner Bros' board, in one of its most aggressive steps to convince investors that its $108.7 billion all-cash bid is superior to Netflix's cash-and-stock deal. Paramount and Netflix have been in a heated battle for Warner Bros, its prized film and television studios and its extensive content library, which includes "Harry Potter" and the DC Comics universe. Warner Bros last week rejected Paramount's latest offer, advising shareholders to vote in favor of the Netflix deal. In a letter to shareholders, Paramount also said it would propose an amendment to Warner Bros' bylaws that would require shareholder approval for any separation of the media giant's cable TV business, which is key to the Netflix deal. Paramount's argument is that its all-cash bid of $30 per share for the whole of Warner Bros is superior to Netflix's cash-and-stock offer of $27.75 per share for the studios and streaming assets and will more easily clear regulatory hurdles. 'RAISE THE BID. MONEY TALKS' The CBS parent said last week the value of Warner Bros' cable spinoff was virtually worthless and reiterated its amended bid after another rejection from Warner Bros' board. With Monday's lawsuit, Paramount has escalated its actions, but it has not yet increased the price it is willing to pay. "I don’t think the lawsuit matters much. It would take ages to get through the court system if they full-on go that route," Craig Huber, analyst at Huber Research Partners, said. "If they want Warner Bros bad enough, raise the bid. Money talks." Warner Bros has also said it will owe Netflix a $2.8 billion termination fee if it walks away from the agreement, part of $4.7 billion in extra costs to end the deal. The amended proposal had included $40 billion in equity personally guaranteed by Oracle's co-founder Larry Ellison, the father of Paramount CEO David Ellison, and $54 billion in debt. "WBD has provided increasingly novel reasons for avoiding a transaction with Paramount, but what it has never said, because it cannot, is that the Netflix transaction is financially superior to our actual offer," Paramount wrote in the investor letter. "Unless the WBD board of directors decides to exercise its right to engage with us under the Netflix merger agreement, this will likely come down to your vote at a shareholder meeting," it added. Warner Bros said in a statement that the lawsuit was "meritless", adding that Paramount had yet to "raise the price or address the numerous and obvious deficiencies of its offer". Netflix did not immediately respond to a request for comment. Shares of Warner Bros were down 1.8% on Monday, while Netflix ticked up 0.4% and Paramount 0.5%. Paramount filed the lawsuit in the Delaware Court of Chancery, seeking to force disclosure of the financial analysis behind the Warner Bros board's support for the Netflix merger. The company argued the information is crucial for investors weighing whether to tender their shares to Paramount before the offer – which can be extended – expires on Jan. 21.  "Time is of the essence," Paramount said in the lawsuit against Warner Bros, CEO David Zaslav and key investor John Malone, among others. "Any decision concerning an extension will depend, in part, on the number of shares tendered." (Reporting by Aditya Soni in Bengaluru and Dawn Chmielewski in Los Angeles, additional reporting by Arnav Mishra and Deborah Sophia; Editing by Tasim Zahid, Sriraj Kalluvila and Anil D'Silva)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Aditya Soni Jan 12 (Reuters) – Paramount Skydance on Monday sued Warner Bros Discovery for more information on a rival $82.7 billion deal with Netflix, escalating a battle to take control of one of the most storied Hollywood studios.  The David Ellison-led company also said it planned to nominate directors to Warner Bros' board, in one of its most aggressive steps to convince investors that its $108.7 billion all-cash bid is superior to Netflix's cash-and-stock deal. Paramount and Netflix have been in a heated battle for Warner Bros, its prized film and television studios and its extensive content library, which includes "Harry Potter" and the DC Comics universe. Warner Bros last week rejected Paramount's latest offer, advising shareholders to vote in favor of the Netflix deal. In a letter to shareholders, Paramount also said it would propose an amendment to Warner Bros' bylaws that would require shareholder approval for any separation of the media giant's cable TV business, which is key to the Netflix deal. Paramount's argument is that its all-cash bid of $30 per share for the whole of Warner Bros is superior to Netflix's cash-and-stock offer of $27.75 per share for the studios and streaming assets and will more easily clear regulatory hurdles. 'RAISE THE BID. MONEY TALKS' The CBS parent said last week the value of Warner Bros' cable spinoff was virtually worthless and reiterated its amended bid after another rejection from Warner Bros' board. With Monday's lawsuit, Paramount has escalated its actions, but it has not yet increased the price it is willing to pay. "I don’t think the lawsuit matters much. It would take ages to get through the court system if they full-on go that route," Craig Huber, analyst at Huber Research Partners, said. "If they want Warner Bros bad enough, raise the bid. Money talks." Warner Bros has also said it will owe Netflix a $2.8 billion termination fee if it walks away from the agreement, part of $4.7 billion in extra costs to end the deal. The amended proposal had included $40 billion in equity personally guaranteed by Oracle's co-founder Larry Ellison, the father of Paramount CEO David Ellison, and $54 billion in debt. "WBD has provided increasingly novel reasons for avoiding a transaction with Paramount, but what it has never said, because it cannot, is that the Netflix transaction is financially superior to our actual offer," Paramount wrote in the investor letter. "Unless the WBD board of directors decides to exercise its right to engage with us under the Netflix merger agreement, this will likely come down to your vote at a shareholder meeting," it added. Warner Bros said in a statement that the lawsuit was "meritless", adding that Paramount had yet to "raise the price or address the numerous and obvious deficiencies of its offer". Netflix did not immediately respond to a request for comment. Shares of Warner Bros were down 1.8% on Monday, while Netflix ticked up 0.4% and Paramount 0.5%. Paramount filed the lawsuit in the Delaware Court of Chancery, seeking to force disclosure of the financial analysis behind the Warner Bros board's support for the Netflix merger. The company argued the information is crucial for investors weighing whether to tender their shares to Paramount before the offer – which can be extended – expires on Jan. 21.  "Time is of the essence," Paramount said in the lawsuit against Warner Bros, CEO David Zaslav and key investor John Malone, among others. "Any decision concerning an extension will depend, in part, on the number of shares tendered." (Reporting by Aditya Soni in Bengaluru and Dawn Chmielewski in Los Angeles, additional reporting by Arnav Mishra and Deborah Sophia; Editing by Tasim Zahid, Sriraj Kalluvila and Anil D'Silva)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Aditya Soni Jan 12 (Reuters) – Paramount Skydance on Monday sued Warner Bros Discovery for more information on a rival $82.7 billion deal with Netflix, escalating a battle to take control of one of the most storied Hollywood studios.  The David Ellison-led company also said it planned to nominate directors to Warner Bros' board, in one of its most aggressive steps to convince investors that its $108.7 billion all-cash bid is superior to Netflix's cash-and-stock deal. Paramount and Netflix have been in a heated battle for Warner Bros, its prized film and television studios and its extensive content library, which includes "Harry Potter" and the DC Comics universe. Warner Bros last week rejected Paramount's latest offer, advising shareholders to vote in favor of the Netflix deal. In a letter to shareholders, Paramount also said it would propose an amendment to Warner Bros' bylaws that would require shareholder approval for any separation of the media giant's cable TV business, which is key to the Netflix deal. Paramount's argument is that its all-cash bid of $30 per share for the whole of Warner Bros is superior to Netflix's cash-and-stock offer of $27.75 per share for the studios and streaming assets and will more easily clear regulatory hurdles. 'RAISE THE BID. MONEY TALKS' The CBS parent said last week the value of Warner Bros' cable spinoff was virtually worthless and reiterated its amended bid after another rejection from Warner Bros' board. With Monday's lawsuit, Paramount has escalated its actions, but it has not yet increased the price it is willing to pay. "I don’t think the lawsuit matters much. It would take ages to get through the court system if they full-on go that route," Craig Huber, analyst at Huber Research Partners, said. "If they want Warner Bros bad enough, raise the bid. Money talks." Warner Bros has also said it will owe Netflix a $2.8 billion termination fee if it walks away from the agreement, part of $4.7 billion in extra costs to end the deal. The amended proposal had included $40 billion in equity personally guaranteed by Oracle's co-founder Larry Ellison, the father of Paramount CEO David Ellison, and $54 billion in debt. "WBD has provided increasingly novel reasons for avoiding a transaction with Paramount, but what it has never said, because it cannot, is that the Netflix transaction is financially superior to our actual offer," Paramount wrote in the investor letter. "Unless the WBD board of directors decides to exercise its right to engage with us under the Netflix merger agreement, this will likely come down to your vote at a shareholder meeting," it added. Warner Bros said in a statement that the lawsuit was "meritless", adding that Paramount had yet to "raise the price or address the numerous and obvious deficiencies of its offer". Netflix did not immediately respond to a request for comment. Shares of Warner Bros were down 1.8% on Monday, while Netflix ticked up 0.4% and Paramount 0.5%. Paramount filed the lawsuit in the Delaware Court of Chancery, seeking to force disclosure of the financial analysis behind the Warner Bros board's support for the Netflix merger. The company argued the information is crucial for investors weighing whether to tender their shares to Paramount before the offer – which can be extended – expires on Jan. 21.  "Time is of the essence," Paramount said in the lawsuit against Warner Bros, CEO David Zaslav and key investor John Malone, among others. "Any decision concerning an extension will depend, in part, on the number of shares tendered." (Reporting by Aditya Soni in Bengaluru and Dawn Chmielewski in Los Angeles, additional reporting by Arnav Mishra and Deborah Sophia; Editing by Tasim Zahid, Sriraj Kalluvila and Anil D'Silva)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Aditya Soni Jan 12 (Reuters) – Paramount Skydance on Monday sued Warner Bros Discovery for more information on a rival $82.7 billion deal with Netflix, escalating a battle to take control of one of the most storied Hollywood studios.  The David Ellison-led company also said it planned to nominate directors to Warner Bros' board, in one of its most aggressive steps to convince investors that its $108.7 billion all-cash bid is superior to Netflix's cash-and-stock deal. Paramount and Netflix have been in a heated battle for Warner Bros, its prized film and television studios and its extensive content library, which includes "Harry Potter" and the DC Comics universe. Warner Bros last week rejected Paramount's latest offer, advising shareholders to vote in favor of the Netflix deal. In a letter to shareholders, Paramount also said it would propose an amendment to Warner Bros' bylaws that would require shareholder approval for any separation of the media giant's cable TV business, which is key to the Netflix deal. Paramount's argument is that its all-cash bid of $30 per share for the whole of Warner Bros is superior to Netflix's cash-and-stock offer of $27.75 per share for the studios and streaming assets and will more easily clear regulatory hurdles. 'RAISE THE BID. MONEY TALKS' The CBS parent said last week the value of Warner Bros' cable spinoff was virtually worthless and reiterated its amended bid after another rejection from Warner Bros' board. With Monday's lawsuit, Paramount has escalated its actions, but it has not yet increased the price it is willing to pay. "I don’t think the lawsuit matters much. It would take ages to get through the court system if they full-on go that route," Craig Huber, analyst at Huber Research Partners, said. "If they want Warner Bros bad enough, raise the bid. Money talks." Warner Bros has also said it will owe Netflix a $2.8 billion termination fee if it walks away from the agreement, part of $4.7 billion in extra costs to end the deal. The amended proposal had included $40 billion in equity personally guaranteed by Oracle's co-founder Larry Ellison, the father of Paramount CEO David Ellison, and $54 billion in debt. "WBD has provided increasingly novel reasons for avoiding a transaction with Paramount, but what it has never said, because it cannot, is that the Netflix transaction is financially superior to our actual offer," Paramount wrote in the investor letter. "Unless the WBD board of directors decides to exercise its right to engage with us under the Netflix merger agreement, this will likely come down to your vote at a shareholder meeting," it added. Warner Bros said in a statement that the lawsuit was "meritless", adding that Paramount had yet to "raise the price or address the numerous and obvious deficiencies of its offer". Netflix did not immediately respond to a request for comment. Shares of Warner Bros were down 1.8% on Monday, while Netflix ticked up 0.4% and Paramount 0.5%. Paramount filed the lawsuit in the Delaware Court of Chancery, seeking to force disclosure of the financial analysis behind the Warner Bros board's support for the Netflix merger. The company argued the information is crucial for investors weighing whether to tender their shares to Paramount before the offer – which can be extended – expires on Jan. 21.  "Time is of the essence," Paramount said in the lawsuit against Warner Bros, CEO David Zaslav and key investor John Malone, among others. "Any decision concerning an extension will depend, in part, on the number of shares tendered." (Reporting by Aditya Soni in Bengaluru and Dawn Chmielewski in Los Angeles, additional reporting by Arnav Mishra and Deborah Sophia; Editing by Tasim Zahid, Sriraj Kalluvila and Anil D'Silva)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Aditya Soni Jan 12 (Reuters) – Paramount Skydance on Monday sued Warner Bros Discovery for more information on a rival $82.7 billion deal with Netflix, escalating a battle to take control of one of the most storied Hollywood studios.  The David Ellison-led company also said it planned to nominate directors to Warner Bros' board, in one of its most aggressive steps to convince investors that its $108.7 billion all-cash bid is superior to Netflix's cash-and-stock deal. Paramount and Netflix have been in a heated battle for Warner Bros, its prized film and television studios and its extensive content library, which includes "Harry Potter" and the DC Comics universe. Warner Bros last week rejected Paramount's latest offer, advising shareholders to vote in favor of the Netflix deal. In a letter to shareholders, Paramount also said it would propose an amendment to Warner Bros' bylaws that would require shareholder approval for any separation of the media giant's cable TV business, which is key to the Netflix deal. Paramount's argument is that its all-cash bid of $30 per share for the whole of Warner Bros is superior to Netflix's cash-and-stock offer of $27.75 per share for the studios and streaming assets and will more easily clear regulatory hurdles. 'RAISE THE BID. MONEY TALKS' The CBS parent said last week the value of Warner Bros' cable spinoff was virtually worthless and reiterated its amended bid after another rejection from Warner Bros' board. With Monday's lawsuit, Paramount has escalated its actions, but it has not yet increased the price it is willing to pay. "I don’t think the lawsuit matters much. It would take ages to get through the court system if they full-on go that route," Craig Huber, analyst at Huber Research Partners, said. "If they want Warner Bros bad enough, raise the bid. Money talks." Warner Bros has also said it will owe Netflix a $2.8 billion termination fee if it walks away from the agreement, part of $4.7 billion in extra costs to end the deal. The amended proposal had included $40 billion in equity personally guaranteed by Oracle's co-founder Larry Ellison, the father of Paramount CEO David Ellison, and $54 billion in debt. "WBD has provided increasingly novel reasons for avoiding a transaction with Paramount, but what it has never said, because it cannot, is that the Netflix transaction is financially superior to our actual offer," Paramount wrote in the investor letter. "Unless the WBD board of directors decides to exercise its right to engage with us under the Netflix merger agreement, this will likely come down to your vote at a shareholder meeting," it added. Netflix and Warner Bros did not immediately respond to requests for comment. Shares of Warner Bros were down 1.5% on Monday, while Netflix ticked up 0.6% and Paramount 0.7%. Paramount filed the lawsuit in the Delaware Court of Chancery, seeking to force disclosure of the financial analysis behind the Warner Bros board's support for the Netflix merger. The company argued the information is crucial for investors weighing whether to tender their shares to Paramount before the offer – which can be extended – expires on Jan. 21.  "Time is of the essence," Paramount said in the lawsuit against Warner Bros, CEO David Zaslav and key investor John Malone, among others. "Any decision concerning an extension will depend, in part, on the number of shares tendered." (Reporting by Aditya Soni in Bengaluru, additional reporting by Arnav Mishra and Deborah Sophia; Editing by Tasim Zahid, Sriraj Kalluvila and Anil D'Silva)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Aditya Soni Jan 12 (Reuters) – Paramount Skydance on Monday sued Warner Bros Discovery for more information on a rival $82.7 billion deal with Netflix, escalating a battle to take control of one of the most storied Hollywood studios.  The David Ellison-led company also said it planned to nominate directors to Warner Bros' board, in one of its most aggressive steps to convince investors that its $108.7 billion all-cash bid is superior to Netflix's cash-and-stock deal. Paramount and Netflix have been in a heated battle for Warner Bros, its prized film and television studios and its extensive content library, which includes "Harry Potter" and the DC Comics universe. Warner Bros last week rejected Paramount's latest offer, advising shareholders to vote in favor of the Netflix deal. In a letter to shareholders, Paramount also said it would propose an amendment to Warner Bros' bylaws that would require shareholder approval for any separation of the media giant's cable TV business, which is key to the Netflix deal. Paramount's argument is that its all-cash bid of $30 per share for the whole of Warner Bros is superior to Netflix's cash-and-stock offer of $27.75 per share for the studios and streaming assets and will more easily clear regulatory hurdles. 'RAISE THE BID. MONEY TALKS' The CBS parent said last week the value of Warner Bros' cable spinoff was virtually worthless and reiterated its amended bid after another rejection from Warner Bros' board. With Monday's lawsuit, Paramount has escalated its actions, but it has not yet increased the price it is willing to pay. "I don’t think the lawsuit matters much. It would take ages to get through the court system if they full-on go that route," Craig Huber, analyst at Huber Research Partners, said. "If they want Warner Bros bad enough, raise the bid. Money talks." Warner Bros has also said it will owe Netflix a $2.8 billion termination fee if it walks away from the agreement, part of $4.7 billion in extra costs to end the deal. The amended proposal had included $40 billion in equity personally guaranteed by Oracle's co-founder Larry Ellison, the father of Paramount CEO David Ellison, and $54 billion in debt. "WBD has provided increasingly novel reasons for avoiding a transaction with Paramount, but what it has never said, because it cannot, is that the Netflix transaction is financially superior to our actual offer," Paramount wrote in the investor letter. "Unless the WBD board of directors decides to exercise its right to engage with us under the Netflix merger agreement, this will likely come down to your vote at a shareholder meeting," it added. Netflix and Warner Bros did not immediately respond to requests for comment. Shares of Warner Bros were down 1.5% on Monday, while Netflix ticked up 0.6% and Paramount 0.7%. Paramount filed the lawsuit in the Delaware Court of Chancery, seeking to force disclosure of the financial analysis behind the Warner Bros board's support for the Netflix merger. The company argued the information is crucial for investors weighing whether to tender their shares to Paramount before the offer – which can be extended – expires on Jan. 21.  "Time is of the essence," Paramount said in the lawsuit against Warner Bros, CEO David Zaslav and key investor John Malone, among others. "Any decision concerning an extension will depend, in part, on the number of shares tendered." (Reporting by Aditya Soni in Bengaluru, additional reporting by Arnav Mishra and Deborah Sophia; Editing by Tasim Zahid, Sriraj Kalluvila and Anil D'Silva)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)