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

Core Viewpoint - Paramount is under pressure to persuade Warner shareholders before the upcoming tender offer deadline, following a setback in its lawsuit against Warner Bros. Discovery [1][2]. Group 1: Legal Proceedings - A Delaware judge denied Paramount's request to expedite its lawsuit against Warner Bros. Discovery, stating that Paramount did not demonstrate "cognizable irreparable harm" without the financial details it sought [2]. - Paramount filed a lawsuit claiming that Warner has not provided necessary information regarding how its board valued various assets, which is crucial for investors to compare the offers from Paramount and Netflix [3][7]. Group 2: Tender Offer and Shareholder Engagement - Paramount is offering $30 per share to Warner shareholders, with a deadline for investors to sell their stock by Wednesday, although Paramount may extend this deadline [2]. - The company aims to enhance its outreach to Warner shareholders to secure their support for its acquisition proposal [3]. Group 3: Competitive Landscape - Paramount argues that its $108 billion deal, which includes the absorption of Warner's debt, offers greater value to Warner shareholders compared to Netflix's cash-and-stock deal [4]. - Netflix is reportedly considering strengthening its bid by offering an all-cash proposal for Warner Bros. Discovery's assets, including HBO and HBO Max, amid a 17% decline in its stock since early December [5]. Group 4: Warner Bros. Discovery's Response - Warner Bros. Discovery dismissed Paramount's legal challenge as an unserious distraction and expressed satisfaction with the court's ruling, which rejected the need for special treatment of Paramount's lawsuit [6]. - The Warner board unanimously concluded that Paramount's proposed transaction is not superior to the existing merger agreement with Netflix [6].