Paramount is now suing Warner Bros. Discovery.

Paramount Skydance's offensive to take control of Warner Bros. Discovery (WBD) has now entered a litigation phase. According to Variety, Paramount Skydance filed a lawsuit today against Warner Bros. Discovery to force the group to disclose the financial details of its $83 billion deal with Netflix. This move comes after WBD's board of directors rejected Paramount's latest offer outright: an all-cash proposal of $30 per share, the eighth offer made by the group to date. Paramount also intends to propose a list of directors "who, in accordance with their fiduciary duties, will exercise WBD's right, as provided for in the agreement with Netflix, to consider Paramount's offer, discuss it, and enter into a transaction with Paramount." The group also plans to submit an amendment to WBD's bylaws aimed at requiring shareholder approval for "any separation of Global Networks." The saga is far from over. For its part, Warner Bros. Discovery called Paramount's complaint "baseless" and indicated that Paramount had not, at this stage, raised its acquisition offer above $30 per share. In other words, Paramount has not given up. By taking a tougher stance, the group is clearly trying to force WBD to abandon a sale to Netflix and reconsider its offer. It remains to be seen whether this more offensive strategy will be enough to shift the balance of power: the standoff is intensifying, and the saga is far from over. To be continued.