Paramount Skydance Corporation (PSKY) has taken a sharper step in its fight with Warner Bros. Discovery (WBD). The company said it plans to nominate its own directors for election at WBD’s 2026 annual meeting. At the same time, it filed a lawsuit that seeks more details about WBD’s planned deal with Netflix (NFLX).
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Together, these moves mark a clear shift from talk to action. Paramount is now pressing WBD on both governance and disclosure as it pushes its $30-per-share, all-cash offer.
Meanwhile, PSKY shares began 2026 on a volatile note, dropping 1.71% on Friday to close at $12.06.
Proxy Moves and Lawsuit Explained
First, Paramount said it will put forward a full slate of directors at WBD’s next annual meeting. Those nominees would be open to talks around Paramount’s takeover bid. They would also seek a change to WBD’s bylaws requiring a shareholder vote before any split of the Global Networks unit.
Next, Paramount filed suit in a Delaware court. The lawsuit asks WBD to share more details about how it priced Global Networks, how it valued the Netflix deal, and how debt would shift under that plan. Paramount claims this data is missing from WBD’s filings and that shareholders cannot judge the deal without it.
In addition, Paramount said it will urge shareholders to vote against the Netflix deal if WBD calls a special meeting before the annual vote.
Netflix Deal Versus Paramount’s Bid
WBD has already agreed to a deal with Netflix that includes about $23.25 in cash plus Netflix stock and equity tied to Global Networks. Paramount says that equity has no value and should not be counted.
By contrast, Paramount’s offer is $30 per share in cash. The company says this makes its bid clearer and higher than the Netflix package.
In a letter to WBD holders, Paramount chief executive David Ellison said the offer was first made four months ago. At that time, WBD shares traded at $12.54. He said WBD never replied or tried to negotiate.
Is PSKY a Good Stock to Buy?
On the Street, Paramount Skydance holds a Moderate Sell consensus rating, with an average PSKY stock price target of $14.08. This implies a 16.92% upside from the current price.
