Paramount Skydance chief David Ellison is reportedly pursuing a bold strategy to outmaneuver rival bidders for WB — launching a potential $60 to $70 billion bid to buy all of Warner Bros. Discovery rather than waiting for the company’s planned split.
According to reports from Variety and The New York Post, Ellison and his team are exploring a full-scale acquisition that would include not only Warner Bros. studios and HBO Max, but also WBD’s entire cable portfolio — CNN, TNT, TBS, Discovery, and The Food Network among others.
Warner Bros Discovery Logo
The move would represent a dramatic shift from earlier industry speculation that Paramount Skydance would only pursue Warner Bros.’ film and streaming divisions once WB completes its planned division into two companies in 2026.
A Preemptive Strike Against Competitors
Analysts say Ellison’s timing is no accident. Variety cites MoffettNathanson’s Robert Fishman, who wrote that Paramount Skydance’s decision to act now could “preempt a potential bidding war” for the standalone Warner Bros. assets after the split. By striking before the division, Ellison could effectively block other buyers — including Amazon, Apple, Comcast, Sony, and Netflix — from entering the field.
David Corenswet as Superman flying in James Gunn’s “Superman” – YouTube, DC
A source close to the situation confirmed to That Park Place that they believe the Ellisons are pursuing precisely that strategy — aiming to circumvent rival bidders by making an offer for the entire company now rather than waiting until after the WBD split.
Fishman added that the Ellison-led team could benefit from “material cost synergies from the overlapping cable networks,” as well as shared infrastructure between CBS and CNN through existing sports partnerships like the NCAA’s March Madness broadcasts.
Apollo’s Role and Funding Challenges
The New York Post reports that Ellison is currently in talks with Apollo Global Management, led by Marc Rowan, to help finance the massive deal. Apollo previously made a $26 billion debt-fueled bid for Paramount Global in 2024 before losing to Skydance. The firm already owns major assets through Cox Media Group and holds a significant stake in Legendary Entertainment, positioning it as a potential strategic partner.
A screenshot from the trailer for the Looney Tunes movie The Day The Earth Blew Up – YouTube, WB Kids
Sources told the Post that Apollo appears “closest to helping Ellison with the bid,” while Blackstone, which owns stakes in Candle Media and other Hollywood ventures, has explored but not yet committed to joining the effort.
Despite Ellison’s ambitions, insiders note that his father, Larry Ellison, the Oracle founder and now the world’s second-richest person, may have limited appetite for another massive media investment so soon after the Paramount merger. Paramount Skydance reportedly has just $2.75 billion in cash on hand, meaning outside funding will be crucial.
WBD’s Position and Zaslav’s Role
Warner Bros. Discovery CEO David Zaslav is reportedly moving ahead with the company’s split plan, hiring Goldman Sachs to explore other bids amid uncertainty about the Ellison family’s financial readiness. Zaslav is said to be seeking over $30 per share for the studios and streaming division alone — a premium compared to the $22–$24 per share valuation floated by the Ellison group for the entire company.
WBD CEO David Zaslav Speaks at a New York Times event – YouTube, New York Times Events
A source close to the situation tells That Park Place that Zaslav has no intention of stepping aside, making his continued leadership likely a condition of any sale.
Political and Regulatory Hurdles
The merger would face steep regulatory scrutiny. Senator Elizabeth Warren (D-Mass.) has already voiced opposition, calling such a deal “a dangerous concentration of power.” However, President Donald Trump’s administration has signaled a more favorable stance toward industry consolidation.
The Variety report recalls Zaslav’s comments after Trump’s reelection in 2024, noting that he expected the administration to “provide a real positive and accelerated impact on this industry that’s needed.”
Bari Weiss addresses The Free Press working with Paramount – YouTube, The Free Press
The Post adds that Ellison’s recent acquisitions — including the $150 million purchase of The Free Press, a centrist media outlet run by Bari Weiss — reflect a growing ambition to reshape Paramount Skydance’s media portfolio across film, television, and digital news.
Netflix Dismisses Acquisition Talk
Meanwhile, Netflix co-CEO Greg Peters dismissed rumors that his company might pursue WBD, saying at Bloomberg’s Screentime conference that “big media mergers don’t have an amazing track record” and emphasizing Netflix’s focus on organic growth.
Netflix Co-CEO Greg Peters in an interview with Bloomberg – YouTube, Bloomberg Live
His comments appear to rule out one of the few competitors large enough to challenge Paramount Skydance in a bidding war.
The Road Ahead
For now, Ellison’s full-scale Paramount WB strategy remains in early discussions, with funding and regulatory questions still unresolved. But if successful, the deal would create one of the largest entertainment conglomerates in modern history — uniting CBS, HBO, CNN, and Paramount Pictures under a single banner and reshaping Hollywood’s competitive landscape for years to come.
Paramount Skydance CEO David Ellison sits for an interview with CNBC – YouTube, CNBC Television
That Park Place will continue to monitor the developing story as negotiations progress.
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