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Paramount Bids for Warner Bros. Discovery, Offers Co-CEO Role to Zaslav
10 Nov
Summary
- Paramount CEO says company can "build to get to where we want to go"
- Paramount submits 3 bids for WBD, ranging from $19 to $23.50 per share
- Paramount offers WBD CEO Zaslav a co-CEO and co-chairman title
As of November 10, 2025, Paramount is actively exploring a potential acquisition of Warner Bros. Discovery (WBD). In the company's recent earnings call, Paramount CEO David Ellison stated that there is no "must have" acquisitions for the media conglomerate, and that the company can "build to get to where we want to go."
Ellison explained that Paramount "absolutely has the ability to build to get to where we want to go" and believes the company can achieve its goals through its "creative content engines" and by driving "enterprise efficiency for long and create value and long term free cash flow generation all through the building."
However, Paramount has also submitted three separate bids to acquire all of WBD, ranging between $19 and $23.50 per share. These bids have been rejected by WBD for being too low. To sweeten the deal, Ellison has even offered WBD CEO David Zaslav a co-CEO and co-chairman title, as well as increasing the portion of the bid paid in cash to shareholders from 60% to 80% and increasing the breakup fee from $2 billion to $2.1 billion.
Paramount is also considering taking a tender offer directly to WBD shareholders and formalizing a hostile bid for the company. If successful in acquiring WBD, Ellison would look to merge HBO Max and Paramount+ into a "super platform" under one scenario being considered.
