Business Insider·2025-12-17 15:15Core Viewpoint - Paramount's CEO David Ellison's communication with Warner Bros. Discovery (WBD) CEO David Zaslav went unanswered, leading to WBD's acceptance of Netflix's offer instead of Paramount's bid [1][2]. Group 1: Negotiation Details - Ellison's text to Zaslav on December 4 indicated that Paramount's offer was not its "best and final" and aimed to address WBD's concerns regarding certainty, cash value, and speed to close [2]. - WBD's filing stated that Zaslav did not respond to Ellison's text as it did not present an actionable improved proposal during the board's deliberations [2]. - Paramount claimed that WBD did not engage in a real-time negotiation or review the proposal in detail, and there was no follow-up communication from WBD after receiving the bid [7][8]. Group 2: Bid Rejection - The WBD board advised shareholders to reject Paramount's hostile bid, citing concerns over the bid's reliance on an "unknown and opaque revocable trust" [9]. - Paramount asserted that its bid was fully backed by Larry Ellison, a prominent billionaire, which was intended to provide assurance to WBD [9]. Group 3: Future Actions - Paramount may need to either rely on WBD shareholders to support their position or consider revising their offer again [10].