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Paramount was poised to buy Warner Bros. Discovery. What went wrong?
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Oracle founder Larry Ellison was on the cusp of conquering Hollywood.Just four months earlier, he had bankrolled his son David’s $8-billion acquisition of the storied Paramount Pictures.Now the Ellison family had designs on scooping up Warner Bros.
Discovery, too, offering to buy the entire company for at least $60 billion.The bold play had suddenly thrust this Silicon Valley titan and his son, David — chief executive of the newly-merged Paramount Skydance — into one of the most powerful positions in the film and TV industry.By most outward appearances, Warner Bros.
Discovery was theirs for the taking.Wall Street analysts, Hollywood insiders and even some of the other bidders expected Paramount to prevail.
After all, it was backed by one of the world’s richest men.And it even had the blessing of President Trump, who openly expressed his preference for the Paramount bid.But Ellison’s crowning moment was ruined when Netflix swooped in Friday announcing its own blockbuster deal.
Hollywood Inc.A theater owner trade group immediately blasted Netflix’s nearly $83-billion deal to buy Warner Bros.
and HBO.Netflix has long bypassed movie theaters, instead releasing films onto its streaming platform.The streamer snapped up Warner Bros.
in a $82.7-billion deal for the Burbank-based film and television studios, HBO Max and HBO, delivering a massive blow to Ellison and his son, David.In the Paramount bid, Larry Ellison was once again the primary backer.But the Warner Bros.
Discovery board believed the Netflix offer of $27.75 a share, which did not include CNN or other basic cable channels, was a better deal for shareholders.The announcement stunned many who had predicted that Paramount would prevail in the contentious auction.It also marked a rare defeat for Ellison, who was outmaneuvered by none other than Netflix’s co-Chief Executive Ted Sarandos and his team.
Analyst...