The Powers That Be: Daily Zaz’s Ellison Paranoia
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Dec 16, 2025 
Bill Cohan, an insightful author and journalist specializing in finance and media, joins to delve into the intricate bidding scenario involving Warner Bros. Discovery and the Ellisons. He discusses the skepticism surrounding their financial backing, particularly regarding foreign investments from the Middle East. Legal confusion over Larry Ellison's trust raises doubts about enforceability, while discrepancies in proxy languages suggest miscommunication between parties. Cohan predicts a protracted deal process, laden with regulatory obstacles and political complexities that could stretch into 2026.
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Paperwork Gap Fuels Deal Skepticism
- Warner Bros. Discovery sees gaps between what Paramount/Elison say they offered and the documents WBD has seen.
- Misaligned legal details (who owns Oracle shares, exact guarantor language) are fueling distrust despite perceived sufficient economics.
Fix The Deal By Exchanging A Clear Guarantee
- Warner lawyers should draft the exact guarantee language they want and send it for signature to resolve ambiguity.
- That simple, direct exchange would clear the misunderstanding quickly and let economics decide the winner.
Conflicting Reports On Middle East Backers
- Variety reported sovereign wealth funds were in and would each put up about $7 billion, but Paramount later denied a full agreement.
- That flip-flop made WBD question Paramount's credibility and the solidity of financing commitments.