The Powers That Be: Daily Media Monday: Adam Silver’s Nightmare & Zaz-Ellison Voodoo
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Oct 27, 2025 Jon Kelly, co-founder of Puck and media business analyst, dives into the chaos surrounding the NBA's betting scandal and the WBD auction. He dissects the strategic motives behind Paramount Skydance's bid for Warner Bros. Discovery, exploring potential breakup scenarios if the deal fails. The discussion reveals how evolving sports betting apps like DraftKings are reshaping gambling culture, alongside comparing recent scandals to historic cases. Kelly emphasizes the need for leagues to regulate betting and educate players amid rising risks.
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Why Skydance Wants The Whole Bundle
- Paramount Skydance's bid targets both studios/streaming and cable because bundled assets still command unique negotiating power.
- Jon Kelly argues cable plus CBS boosts carriage leverage and immediate cash flow despite cable's long-term decline.
Zaslav: Dealmaker, Not Creative Chief
- David Zaslav is viewed as a dealmaker, not a creative leader, which fuels Hollywood resentment.
- Kelly says Zaslav built value by assembling assets and now faces pressure but still has strategic exit options.
Carve-Up Could Maximize Value
- Splitting Warner Bros. Discovery into studios/streaming and cable is a viable path to unlock value.
- Kelly predicts buyers will overpay for studios/streamers while cable takes on more debt in a carve-out.