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Paramount’s next target in hostile takeover bid of Warner Bros. is a board of its own making

NEW YORK (AP) — Paramount Skydance is taking another step in its hostile takeover bid of Warner Bros. Discovery, saying Monday that it will name its own slate of directors before the next shareholder meeting of the Hollywood studio.

Paramount also filed a suit in Delaware Chancery Court seeking to compel Warner Bros. to disclose to shareholders how it values its bid and the competing offer from Netflix.

Warner Bros. is in the middle of a bidding war between Paramount and Netflix. Warner’s leadership has repeatedly rebuffed overtures from Skydance-owned Paramount — and urged shareholders to back the sale of its streaming and studio business to Netflix for $72 billion. Paramount, meanwhile, has made efforts to sweeten its $77.9 billion hostile offer for the entire company.

Last week, Warner Bros. Discovery said its board determined Paramount’s offer is not in the best interests of the company or its shareholders. It again recommended shareholders support the Netflix deal.

David Ellison, the chairman and CEO of Paramount Skydance, said Monday that it’s committed to seeing through its tender offer. “We do not undertake any of these actions lightly,” he said in a letter to shareholders of Warner Bros.

Warner Bros. has yet to schedule its annual meeting or a special meeting to consider the Netflix offer, and Paramount did not name any potential candidates for the board.

Dutch court allows rapper Ye concerts in the Netherlands

AMSTERDAM (AP) — A judge in Amsterdam on Wednesday rejected an appeal by a Jewish organization to block two performances by the rapper Ye, formerly Kanye West, ruling that the concerts are not a threat to public order. Ye has drawn widespread controversy in recent years for a series of antisemitic remarks, leaving Dutch authorities under mounting pressure to cancel the gigs on June 6 and 8. The Central Jewish Council filed the emergency lawsuit on Tuesday, arguing that Ye should be banned from the country for voicing admiration for Adolf Hilter and selling T-shirts featuring swastikas. According to the Amsterdam District Court, there were no grounds to bar Ye from performing. “There are no indications that West’s presence in the coming days will lead to concrete public order dangers,” the court said in a statement.
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