Paramount Skydance's David Ellison has sent a letter to Warner Bros. Discovery shareholders outlining the next steps in its attempt to acquire the company via a $30-per-share all-cash offer, including a lawsuit seeking "disclosure of basic information."

Paramount Skydance has reaffirmed its $30-per-share all-cash offer for Warner Bros. Discovery after the board again rejected the company's acquisition attempt in favor of the Netflix transaction.

Warner Bros. Discovery's board has unanimously rejected Paramount Skydance's amended takeover offer, concluding that it is not in the best interests of shareholders and does not constitute a "superior proposal" under its Netflix agreement.

Warner Bros. Discovery shareholders have been asked to hold off on taking any action on Paramount Skydance's amended $30-per-share offer pending the board's review of the proposal.

Paramount Skydance Corporation has updated its all-cash offer for Warner Bros. Discovery to include an irrevocable personal guarantee from Larry Ellison.