Paramount Won't Take No for an Answer

Paramount isn't good at rejection, apparently. The company informed Warner Bros. Discovery on Monday that it refuses to accept Warner's decision to choose Netflix over Paramount as a buyer. As a result, it announced two actions in a letter, reports Bloomberg:

• Lawsuit: Paramount filed a lawsuit demanding that Warner provide more information to shareholders on why it chose Netflix, reports the Los Angeles Times. Specifically, it wants to know how Paramount values the competing offers.

• Board fight: Paramount also plans to nominate directors to the board of Warner Bros. Discovery when the window to do so opens next month ahead of the annual shareholder meeting, reports Forbes. These nominees would, not surprisingly, oppose the Netflix deal.

Paramount, meanwhile, didn't raise its offer of $30 a share. "We are committed to seeing our tender offer through," the letter said. "We understand, however, that unless the WBD board of directors decides to exercise its right to engage with us under the Netflix merger agreement this will likely come down to your vote at a shareholder meeting."