Paramount has launched legal action against Warner Bros in an attempt to revive its $108 billion (£80bn) hostile takeover bid, after the studio agreed to an $83bn (£61.6bn) deal with Netflix. 

Paramount boss David Ellison said the lawsuit seeks disclosure of key valuation details around the Netflix offer and Warner Bros’ networks division, including CNN, which he argues shareholders need to make an informed decision. 

The move escalates tensions after Warner Bros rejected Paramount’s approach for a second time, despite a $40bn personal guarantee from Ellison’s father, Oracle founder Larry Ellison. 

Paramount is also seeking to block the deal by nominating directors to Warner Bros’ board and pushing for shareholder approval of any network spin-off, while warning the outcome will likely be decided by a shareholder vote.