Paramount Offers Co-CEO Role to Zaslav in $60 Billion Warner Bros Discovery Bid

Paramount Skydance, led by David Ellison, has made multiple bids to acquire Warner Bros. Discovery (WBD), offering up to $23.50 per share, including a proposal to appoint current WBD CEO David Zaslav as co-CEO and co-chairman of the merged company to make the deal more appealing. Despite these offers, WBD's board has rejected all three bids, viewing them as insufficient, with the company also exploring other strategic alternatives such as a potential split of its studio/streaming and linear networks businesses. Analysts consider Paramount Skydance a frontrunner due to Ellison's substantial financial backing and regulatory positioning, noting that other suitors like Amazon, Comcast, and Netflix face greater hurdles, with Netflix expressing disinterest in acquiring linear networks. Ellison argues that the combination of the two companies would create a scaled Hollywood powerhouse beneficial to shareholders and the entertainment industry, while emphasizing regulatory challenges for other potential buyers. The high valuation and WBD's significant debt are notable factors in the ongoing negotiations, with WBD's shares recently trading near a 52-week high amid the acquisition speculation. Overall, the situation remains dynamic as WBD continues its review of strategic options without setting a definitive timeline for a decision.