Exclusive | David Ellison makes his case to the White House as Netflix bid for WBD edges out Paramount Skydance
Paramount Skydance chief David Ellison met with Trump officials and key lawmakers in Washington DC on Wednesday to press his case against Warner Bros.Discovery’s potential selection of Netflix as its merger partner – even as the streaming giant submitted a higher offer in the latest round of bidding, The Post has learned.Netflix has submitted a bid valued at $28 a share – edging past a Paramount Skydance bid for the entire company valued in the $26 to $27 range, a source close to the situation told The Post.
It’s unclear where the bidding for Thursday’s third-round bidding stands, but officials at Paramount Skydance are arguing that even at a higher level, Netflix’s offer must be discounted because of the uncertainty it brings.The DC visit comes amid mounting pessimism from Paramount Skydance about its bid; senior executives believe the WBD is inclined to nix its offer in favor of Netflix despite the latter’s regulatory hurdles, as first reported by the Post.As reported, Paramount Skydance signaled in multiple letters this week that it could go hostile with its offer for WBD – arguing that the Netflix deal poses unacceptable risks for WBD shareholders.Meanwhile on Wednesday, Ellison was in Washington with his legal team headed by Makan Delrahim, Trump’s former DOJ antitrust chief, sources said.
They underscored in conversations with Trump officials and lawmakers in Congress why Netflix’s proposed deal to acquire its Warner Bros.studio and HBO Max streaming service should be throttled on antitrust grounds, sources said. The combination would combine the nation’s largest streaming service, Netflix, with the third largest in HBO Max as well as a leading studio. Ellison’s meetings in Washington capped a frenzied day of dealmaking and political gamesmanship for the one-time independent movie producer who along with his father, mega billionaire Oracle co-founder Larry Ellison, are attempting to build a media empire by purchasing all of WBD as...