Paramount files lawsuit against Warner Bros.
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The Insecure creator and star has signed a first-look producing deal at Paramount that will cover both film and TV. Rae is moving to the Skydance-owned studio after a decade with HBO (which aired Insecure) and its parent company Warner Bros. Discovery.
A Democratic congressman is calling on Paramount to submit any acquisition of Warner Bros. Discovery to a foreign ownership review, even if the David Ellison-led company does not believe that it is technically required.
Fresh off a New York cover and a Golden Globes appearance, David Ellison is ratcheting up his push for Warner Bros. Discovery. Today his company Paramount Skydance is suing WBD and its CEO, David Zaslav,
The announcement was the latest in a series of increasingly aggressive actions by Paramount to buy Warner Bros.
Wall Street analysts have speculated that Paramount will eventually surpass the $30 threshold to win support for its proposal to acquire all of WBD, including CNN. But for now, WBD continues to say that its existing deal to sell Warner Bros. and HBO (but not CNN or other cable assets) to Netflix is in the shareholders’ best interests.
David Ellison wants Warner Bros. Discovery to share more details about its Netflix deal with shareholders.
Still, price remains a top concern for WBD, which has also suggested that it could get more for its cable channels if they were sold separately from its movie studios and HBO Max. A Paramount deal would force WBD to stop working on the spinoff, which could be problematic if the merger fell apart.
In a major escalation, Paramount said it is planning to run a slate of directors at WBD's annual meeting and has sued for disclosures around the Netflix deal.