Variety reports that Paramount Skydance has filed a lawsuit against Warner Bros. Discovery, seeking to compel the company to disclose detailed financial information related to its $83 billion deal with Netflix. Filed Monday in Delaware Chancery Court, the lawsuit centers on disclosure requirements and escalates the ongoing dispute between Paramount’s acquisition bid and Warner Bros. Discovery’s planned merger with Netflix.

According to Variety, Paramount Skydance, led by CEO David Ellison (Top Gun: Maverick, The Family Plan), is demanding that Warner Bros. Discovery provide detailed financial data tied to its valuation of various business units as part of the Netflix transaction. Paramount argues that shareholders lack access to critical information needed to properly assess the deal, particularly regarding assets that the Netflix agreement may not fully cover.

The lawsuit claims Warner Bros. Discovery has withheld key financial disclosures, limiting Paramount Skydance’s ability to evaluate the fairness of the Netflix deal or effectively present its competing $108.4 billion offer to shareholders. Paramount contends that greater transparency is required to enable investors to compare the two proposals.

Paramount’s legal action follows previous attempts to engage Warner Bros. Discovery’s board, including efforts to nominate directors who would reconsider the Netflix agreement. Variety notes that Paramount’s proposal offers a higher per-share valuation and broader asset coverage, though Warner Bros. Discovery’s leadership has rejected those overtures.

The dispute has been closely followed within the industry, particularly after mxdwn previously reported that Warner Bros. Discovery was expected to reject Paramount’s latest takeover offer in favor of the Netflix deal. That coverage underscored the high stakes involved as both bidders seek shareholder support and regulatory approval.

Paramount Skydance’s complaint clarifies that it is not seeking to block the Netflix transaction outright. Instead, the company is asking the court to require Warner Bros. Discovery to release valuation metrics and financial disclosures to shareholders. Variety reports that neither Warner Bros. Discovery nor Netflix has commented publicly on the lawsuit. The filing adds another layer of complexity to a high-profile corporate battle that continues to draw attention from investors and the entertainment industry.