Ankler Agenda

He’s Just Not That Into You: How Zaslav and Ellison Fell Apart

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Dec 18, 2025
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INSIGHT

WBD Board Calls Paramount Bid Inadequate

  • Warner Bros. Discovery's board deemed Paramount Skydance's $30/share bid inadequate and risky.
  • The board believes a Netflix merger offers superior and more certain shareholder value.
INSIGHT

Ellison Backstop And Governance Raise Red Flags

  • Warner's rejection highlights doubts about Ellison's backstop and regulatory uncertainty.
  • The board flagged the revocable trust and unclear governance as key concerns.
ADVICE

Act Now: Shareholder Influence And Deadlines

  • Shareholders have until January to weigh offers and pressure the board.
  • Watch for Paramount to raise its offer or for Netflix to match any improved bid.
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