Squawk on the Street Exclusive: Paramount Skydance CEO Ellison on Hostile Bid for WBD 12/8/25
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Dec 8, 2025 
David Ellison, Chairman and CEO of Paramount Skydance, dives into the company's bold $30 per share cash tender offer for Warner Bros. Discovery. He argues why this bid is more beneficial for WBD shareholders compared to Netflix's offer, emphasizing quicker regulatory approval and strategic advantages. Ellison critiques the sale process, revealing a lack of board engagement from WBD. The discussion also touches on the potential antitrust risks associated with a Netflix-WBD merger and how Paramount aims to create a stronger competitor in the streaming marketplace.
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Paramount’s Superior Cash Offer Claim
- Paramount launched a $30 per share all-cash tender to acquire Warner Bros. Discovery, arguing it offers $17.6 billion more cash than Netflix's deal.
- David Ellison claims their bid is faster to close, pro-competitive, and better for shareholders and Hollywood.
Alleged Board Silence And Process Bias
- Ellison says Paramount addressed Warner's concerns and delivered full backstopped equity and debt commitments before hearing back from the board.
- He frames the board's silence as evidence of an unfair process and thus is taking the offer directly to shareholders.
Antitrust Risk From Netflix Combination
- Ellison warns combining Netflix (No.1) with the No.3 streamer creates unprecedented market power above 400M subscribers.
- He argues that scale would harm creative talent, theaters, consumers, and competition in Hollywood.