Judge rejects Paramount's request to expedite case against Warner Bros.

Paramount suffered a stroke successful a Delaware courtroom Thursday arsenic a justice refused to expedite its suit against Warner Bros. Discovery seeking accusation astir interior deliberations and a fiscal analysis.

Reuters reported that Vice Chancellor Morgan T. Zurn of the Delaware Chancery Court said during a proceeding that Paramount had failed to amusement it would endure “cognizable irreparable harm” without the fiscal details it sought.

Now the unit is connected Paramount to triumph implicit Warner shareholders earlier adjacent week’s tender connection deadline. Investors person until Wednesday to merchantability their banal to Paramount for $30 a share. Paramount could widen that deadline.

Paramount sued connected Monday, claiming investors needed accusation that Warner has yet to supply astir however committee members valued assorted assets successful determining that its merchantability to Netflix was much lucrative.

Paramount wanted the justice to fast-track the proceedings to assistance boost its outreach to Warner shareholders.

The David Ellison-led institution has insisted its $108-billion deal, including absorption of Warner debt, represents a higher worth for Warner shareholders than Netflix’s Dec. 4 cash-and-stock deal. Warner committee members closed the auction that night, awarding Netflix the prize.

Netflix, which has seen its banal descent astir 17% since aboriginal December, is reportedly weighing whether to bolster its bid by offering each currency for Warner Bros. movie and tv studio, HBO and HBO Max. Netflix declined to comment.

Paramount wants to bargain each of Warner Bros. Discovery, including CNN and the different basal cablegram channels.

In a connection Thursday, Warner Bros. Discovery said Paramount Skydance’s ineligible situation “was yet different unserious effort to distract and the Judge saw close done it.”

“We are pleased a Delaware Court agreed with our content and rejected the conception that this suit needed peculiar attraction and whitethorn person different superior flaws,” Warner Bros. Discovery said. “Despite its aggregate opportunities, Paramount Skydance continues to suggest a transaction that our committee unanimously concluded is not superior to the merger statement with Netflix.”

Paramount downplayed its latest setback, saying Zurn’s ruling “does not pertain to the merits of Paramount’s claim.”

Paramount, successful its statement, said that Warner shareholders deserved accusation astir however Warner board’s evaluated the worth for Warner’s cablegram channels to amended comparison the 2 proposals.

Netflix doesn’t privation the cablegram channels allowing Warner to determination guardant with plans to rotation disconnected those channels this summer. Warner shareholders would get banal successful that caller company, called Discovery Global.

“WBD shareholders should inquire wherefore their Board is moving truthful hard to fell this information,” Paramount said, adding it “continues to impulse WBD to marque these disclosures truthful that WBD shareholders tin marque an informed decision.”

Times unit writer Samantha Masunaga contributed to this report.