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Paramount files lawsuit in pursuit of Warner Bros. Discovery and threatens proxy fight

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Paramount is taking its pursuit of CNN’s parent company Warner Bros. Discovery to court.

On Monday Paramount CEO David Ellison announced a lawsuit in Delaware Chancery Court, where shareholders typically bring corporate disputes, as it attempts a hostile takeover of the iconic entertainment company.

Ellison criticized Warner Bros. Discovery, also known as WBD, for a “lack of transparency” around its decision to favor Netflix’s bid for Warner Bros. and HBO.

Ellison has been trying for months to buy all of WBD, but his entreaties have been rebuffed.

Read more from CNN.

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