Paramount Skydance's $30 Cash Offer Ignites Hostile Battle for Warner Bros. Discovery

has made a hostile bid for Warner Bros. Discovery Inc., offering $30 per share in cash, which surpasses Netflix Inc.'s earlier bid of $27.75.

Paramount Skydance is being advised by lawyers from Cravath, Swaine & Moore and Latham & Watkins. Cravath's team includes firm leader Faiza Saeed, along with partners Andrew Pitts, Daniel Cerqueira, and Claudia Ricciardi.

Latham's team is led by partners Ian Nussbaum and Max Schleusener. Several other law firms are involved in advising various parties, including Cahill Gordon & Reindel for debt financing, Cleary Gottlieb Steen & Hamilton for a Paramount board committee, Skadden for Netflix, Debevoise & Plimpton and Wachtell Lipton Rosen & Katz for Warner Bros., and Covington & Burling and Fried Frank Harris Shriver & Jacobsen for antitrust counsel to Warner Bros.

Paramount also recently appointed Latham partner Makan Delrahim as its chief legal officer.