David Ellison says he knows why the Warner Bros. Discovery board can't accept his most recent offer

Core Viewpoint - Paramount's CEO David Ellison believes that Warner Bros. Discovery (WBD) cannot accept his offer of $30 per share without admitting a breach of fiduciary duty [1] Group 1: Paramount's Offer and Strategy - WBD accepted Netflix's offer of $27.75 per share for its studio and streaming assets before Paramount launched a hostile bid for the entire company [2] - Ellison stated that Paramount's offer was the same as the one previously delivered privately to WBD, emphasizing that no changes were made [2] - Ellison indicated that WBD's board would face challenges in accepting the offer, as it would contradict their previous stance that the offer was insufficient [3] Group 2: Future Negotiations and Market Dynamics - Ellison may need to enhance the offer to secure a deal, despite believing that Paramount's current bid is superior to Netflix's [3] - There are indications that Ellison is open to adjusting the price, as he communicated to WBD's CEO that the bid was not labeled as "best and final" [4] - Industry insiders, including former Disney dealmaker Kevin Mayer, anticipate that the bidding war will continue, suggesting a potential for a "sweetened" offer from either Paramount or Netflix [5]