Paramount's David Ellison Talks M&A But No Word On WBD

Core Viewpoint - Paramount's CEO David Ellison emphasizes the company's focus on building its own assets while navigating ongoing merger speculation regarding Warner Bros. Discovery [1][2]. Group 1: Paramount's Strategy - The company is prioritizing a "buy versus build" approach, indicating a strong capability to develop content and streaming services internally while remaining open to opportunistic M&A that aligns with long-term goals [2]. - Following the merger with Skydance on August 7, Ellison has shifted focus towards acquiring Warner Bros. Discovery, making at least three escalating offers, the latest being $23.50 per share, all of which have been rejected [3]. Group 2: Warner Bros. Discovery Situation - Warner Bros. Discovery is currently in an "active process" of exploring potential sales, having received interest from multiple parties, with a data room available for suitors to review financials [4]. - The company had plans to split into two separate public entities next year, focusing on studios & streaming and global linear networks, which Ellison's offer aimed to prevent [5]. - Zaslav, the CEO of Warner Bros. Discovery, has indicated that the company will consider selling all or parts of its operations [5].