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David Ellison Sweetens Paramount’s WBD Offer With a Washington Playbook

By raising his offer and mobilizing allies in Washington, David Ellison is turning the Warner Bros. Discovery fight into a regulatory showdown with Netflix.

David Ellison is taking his bid for Warner Bros. Discovery into Washington, pairing a higher cash offer with a political strategy aimed at outflanking Netflix in what could become the defining media acquisition of the decade. Paramount Skydance, the company Ellison leads after his Skydance Media acquired Paramount last year, raised its offer yesterday (Feb. 24) to $31 per share, up from $30, to buy all of WBD. WBD’s board said the revised bid could lead to a “company superior proposal,” language in its merger agreement with Netflix that allows the company to keep negotiating without formally switching sides. If WBD ultimately chooses Paramount, Netflix would have four business days to match or improve its bid.

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