In an emailed statement to Bloomberg, Warner Bros. Discovery (WBD) stated that Paramount (PSKY) is “seeking to distract” with the company’s “meritless” lawsuit. The statement was issued after Paramount Skydance sent a letter to shareholders of Warner Bros. Discovery stating among other things that Paramount filed suit this morning in Delaware Chancery Court to ask the court to direct Warner to provide disclosure about how it valued the Global Networks stub equity, how it valued the overall Netflix transaction, and how the purchase price reduction for debt works in the Netflix (NFLX) transaction “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.”
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