Warner Bros. Discovery’s David Zaslav ghosted Ellison before Netflix deal

Paramount’s David Ellison courted Warner Bros. Discovery CEO Zaslav for months before Netflix sealed $72B deal

David Ellison, CEO of Paramount Skydance, made a final push to acquire Warner Bros. Discovery (WBD) just hours before the company announced its landmark deal with Netflix.

According to a Paramount SEC filing, Ellison spent three months courting WBD CEO David Zaslav with multiple proposals, including an all-cash structure and an offer to make Zaslav co-CEO and co-chairman of a combined Paramount-WBD entity.

On December 4, Ellison sent Zaslav two texts urging him to discuss Paramount’s latest $30-per-share all-cash bid. The messages emphasized certainty, stronger cash value, and a rapid closing timeline. But Zaslav never responded. The following day, December 5, WBD revealed its agreement to sell Warner Bros. studios and HBO Max to Netflix in a $72 billion deal.

Paramount’s filings describe extensive negotiations, including meetings with Ellison and his father, Larry Ellison, and multiple revised offers submitted on November 20, December 1, and December 4. Each proposal increased the cash component and directly addressed concerns raised by WBD’s board.

Despite those revisions, WBD’s board repeatedly rejected Paramount’s offers. After Zaslav went silent and the Netflix deal was announced, Paramount Skydance launched a hostile takeover bid, taking its offer directly to WBD shareholders. The filing argues that Paramount’s proposal provided higher headline value, greater regulatory certainty, and a faster path to closing.

The breakdown of talks underscores the fierce competition surrounding major media mergers and the aggressive moves now shaping Hollywood’s next era of consolidation.