Paramount has submitted preliminary materials for a proxy fight against Warner Bros. Discovery, maintaining the offer of $30 per share.

Paramount announced on Thursday that it has submitted preliminary materials to prepare for a proxy fight against Warner Bros. Discovery (WBD) and has extended the deadline for WBD shareholders to tender their shares by another month. Recently, Netflix modified its acquisition offer for Warner Bros., turning it into a cash offer of $27.75 per share, but Paramount has decided to stick with its $30 per share offer for the entire company. Paramount intends to ask WBD shareholders to reject the merger agreement, to refuse the Discovery spinoff (which would occur a few months before the deal is finalized), and to reject the compensation packages for WBD's senior executives, including CEO David Zaslav. So far, Paramount is facing challenges in convincing WBD shareholders, considering that just over 168 million WBD shares have been tendered, against a backdrop where the company has nearly 2.5 billion shares outstanding. More information will follow.