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Behind Paramount's Relentless Campaign to Woo Warner Discovery and President Trump
https://www.wsj.com/business/media/paramount-netflix-warner-bros-battle-ellisons-a86fe15c?st=6zkB6m&reflink=desktopwebshare_permalinkParamount Chief Executive David Ellison knew his latest bid for Warner Bros. Discovery increase; green up pointing triangle was in trouble when the company’s CEO, David Zaslav, started ghosting him.
Paramount increase; green up pointing triangle had spent the morning of Dec. 4 finalizing its sixth bid to acquire all of Warner: an all-cash $77.9 billion offer. But Paramount was worried that Warner had already settled on their preferred dance partner: Netflix..
“Just tried calling you about new bid we have submitted,” Ellison texted Zaslav. “I heard you on all your concerns and believe we have addressed them in our new proposal. Please give me a call back when you can to discuss in detail.”
He didn’t hear back.
Sensing trouble, Ellison followed up, saying Paramount had offered a package that covered all the issues Warner had raised, including the need for “strong cash value” and “speed to close.”
“It would be the honor of a lifetime to be your partner and to be the owner of these iconic assets,” he texted, according to a regulatory filing.
On Friday, Ellison’s concerns were realized. Warner and Netflix announced a deal for the streaming giant to acquire the iconic Warner and HBO properties for $72 billion, a proposed merger that could radically reshape entertainment.
Ellison’s father, billionaire Oracle co-founder Larry Ellison, a Trump ally, called the president after the Netflix deal was announced and told him the transaction would hurt competition, according to a White House official and a person familiar with the matter.
Paramount increase; green up pointing triangle had spent the morning of Dec. 4 finalizing its sixth bid to acquire all of Warner: an all-cash $77.9 billion offer. But Paramount was worried that Warner had already settled on their preferred dance partner: Netflix..
“Just tried calling you about new bid we have submitted,” Ellison texted Zaslav. “I heard you on all your concerns and believe we have addressed them in our new proposal. Please give me a call back when you can to discuss in detail.”
He didn’t hear back.
Sensing trouble, Ellison followed up, saying Paramount had offered a package that covered all the issues Warner had raised, including the need for “strong cash value” and “speed to close.”
“It would be the honor of a lifetime to be your partner and to be the owner of these iconic assets,” he texted, according to a regulatory filing.
On Friday, Ellison’s concerns were realized. Warner and Netflix announced a deal for the streaming giant to acquire the iconic Warner and HBO properties for $72 billion, a proposed merger that could radically reshape entertainment.
Ellison’s father, billionaire Oracle co-founder Larry Ellison, a Trump ally, called the president after the Netflix deal was announced and told him the transaction would hurt competition, according to a White House official and a person familiar with the matter.
New WSJ reporting: "During a December visit to Washington, David Ellison offered assurances to Trump administration officials that if he bought Warner, he'd make sweeping changes to CNN, a common target of President Trump's ire, people familiar with the matter said..."
— Brian Stelter (@brianstelter.bsky.social) 2025-12-09T01:50:44.841Z