The New York Post reports that Warner Brothers haven’t heard the last of David Ellison: How Warner Bros. Discovery’s CEO decided to sell to Netflix— and why the media giant’s auction may not be over:
In the end, it came down to 75 cents a share – and that means this ain’t over.
On Thursday morning, Warner Bros Discovery received a $30-a-share, all-cash takeover bid for the media giant from Paramount Skydance, sources told The Post. Meanwhile, Netflix offered to buy WBD’s Warner Bros. studio and HBO Max streaming business in a deal that effectively values the whole company at $30.75.
The race looked like a squeaker, but WBD’s board and its CEO David Zaslav announced less than 24 hours later that they had accepted the bid from Netflix. Suffice it to say, Paramount Skydance’s owners – Hollywood mogul David Ellison and his billionaire father Larry Ellison – aren’t happy.
The Ellisons, in fact, are livid – and they are now angling for a counterattack, I am told. They also believe they can win this battle by taking their case directly to WBD shareholders, according to three people with direct knowledge of the matter.
“They are really pissed over at Paramount Skydance,” said a media executive with direct knowledge of the matter. “They think this was a rigged deal process because of the friendship between the CEOs and they’re betting the shareholders will be pissed when they find out what went down.”
Those CEOs would be Zaslav and Netflix chief Ted Sarandos. They have a different view of the events that unfolded over the past 48 hours, according to people with knowledge of the matter.
“(Zaslav) gave them six tries and they still couldn’t beat Netflix’s bid,” said a person close to the WBD chief.
Despite all the static, Zaslav, known as Zas in media circles, is said to be open for another counterbid from the Ellisons. Anything is possible before any merger closes – particularly one like this where the competition was some of the fiercest in recent corporate history, according to people close to the WBD chief.
“If the Ellisons come back with something more than $30 a share, possibly around $35 that pays off the Netflix breakup fee they could be the owners,” said a person at WBD. “And it’s very possible they will, and when they do this is not over. We will have to sit down and think about what to do next.”
Stay tuned. Earlier this week, Christian Toto described 2025 as “ The Year Late-Night TV Collapsed.” Far worse, seeing a movie on a big screen with an audience may also be in its twilight as well. But this is what happens when an industry decides to commit ritual seppuku.
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