New Delhi, Jan. 13 -- Paramount Skydance Corp., led by David Ellison, has escalated its months-long effort to acquire Warner Bros. Discovery Inc. (WBD), filing a lawsuit over the studio's $82.7 billion merger agreement with Netflix Inc. The move intensifies one of Hollywood's most high-profile corporate battles.

Paramount sued Warner Bros in the Delaware Court of Chancery, seeking disclosure of the financial analysis that the Warner Bros. board used to justify its Netflix deal.

The lawsuit aims to give shareholders critical information needed to weigh Paramount's $108.7 billion all-cash bid before the tender offer expires on January 21.

Paramount also plans to nominate directors to Warner Bros' board to challenge the Netflix merger and...