A judge in Delaware’s Chancery Court has refused to accelerate a lawsuit filed by Paramount Skydance that seeks further details from Warner Bros Discovery about how it evaluated competing takeover offers, including Netflix’s proposed deal and Paramount’s own hostile bid. The ruling is a setback for Paramount’s effort to gain greater transparency in the ongoing acquisition contest.
According to media reports, Paramount had asked Vice Chancellor Morgan Zurn to fast-track the case so that Warner Bros shareholders could access crucial financial information before deciding on Paramount’s all-cash $30-per-share tender offer ahead of its scheduled expiry on January 21, 2026. The request was tied to Paramount’s claim that Warner Bros had not fully explained why it favoured Netflix’s approximately $82.7 billion bid over Paramount’s higher hostile bid valued at about $108.7 billion.
Judge Zurn said Paramount had failed to demonstrate it would suffer “cognizable irreparable harm” without immediate access to the financial disclosures it sought and noted that the company had other means to obtain needed information. The judge also pointed out that Warner Bros’ cable TV business, a key contested asset, is not part of Netflix’s offer, reducing the urgency of the claim.
Warner Bros has rejected Paramount’s tender offer and urged shareholders to support the Netflix deal, stating it plans to provide full disclosures when it formally seeks shareholder approval. The court has not scheduled a shareholder vote on the Netflix transaction, and Paramount is expected to extend its tender offer beyond the original deadline.
Paramount has pressed its legal challenge amid intense competition for control of Warner Bros’ assets, including film and television studios, HBO and other content properties. The lawsuit is part of Paramount’s broader strategy to pressure Warner Bros into negotiations and potentially alter corporate bylaws or seek board representation to influence strategic decisions.
