Paramount Files Lawsuit Against Warner Bros. Amidst Controversial Netflix Merger

Paramount sues Warner Bros. over lack of transparency in its $82.7B Netflix merger—raising stakes in streaming wars.
Matilda
Paramount Files Lawsuit Against Warner Bros. Amidst Controversial Netflix Merger
Paramount Sues Warner Bros. Over Netflix Merger Amid Streaming Shake-Up In a dramatic escalation of Hollywood’s streaming wars, Paramount Global has filed a lawsuit against Warner Bros. Discovery (WBD), demanding full financial disclosure about its controversial proposed merger with Netflix. The legal move—filed January 12, 2026, in Delaware Chancery Court—comes as Paramount pushes its own $30-per-share all-cash counteroffer, claiming WBD is withholding critical data that shareholders need to make informed decisions. With the future of two legacy studios hanging in the balance, this clash could reshape the entire media landscape. Credit: Gabby Jones / Bloomberg / Getty Images Why Paramount Is Taking Legal Action Now Paramount CEO David Ellison didn’t mince words in a letter to shareholders: Warner Bros. Discovery has repeatedly dodged requests for standard financial disclosures tied to its planned $82.7 billion deal with Netflix. According to Ellison, such transparency is not just customa…